
CopyriglitlJ^.. 



COPYRKGilT DEPOSIT. 



AUTOBIOGRAPHY OF 
ORION PAUL FISHER 



■'£*■ 



AUTOBIOGRAPHY OP 

ORION PAUL FISHER 

BANKER AND FINANCIER 



HIS "UPS AND DOWNS" DURING 
FORTY YEARS OF BUSINESS LIFE 



FROM 18 CENTS A WEEK TO RETIREMENT 
FROM ACTIVE BUSINESS AT THE AGE 
OF 54 TO GIVE THE YOUNG BUSI- 
NESS MAN A CHANCE 




SAN FRANCISCO, CAL. 

SAN FRANCISCO PUBLISHING 

COMPANY 

1921 



1^ 



0^^ 



vK^ 
1/^^ 



COPYRIGHT, 1921 

'THE ORION PAUL FISHER TRUST FUND" 
BY O. P. FISHER, Trustee 



OEC -6 ,921 



PRESS O F 

CHASE A RAE 



ItaS CNUSCH STREET 

s. r.. CAU. 






DEDICATION 

This book is dedicated to the young men 
and women workers in the mercantile and 
industrial fields of business, as a means of 
inspiring them to greater efficiency and en- 
couraging them in their work. 50 percent 
of the net proceeds from the sale of this 
book will be set aside in a trust fund to be 
used exclusively for the help of worthy 
young people who have some initiative and 
are striving for the efficiency which will 
enable them to enter the business for which 
they are best fitted and to furnish capital 
to those who have the experience and abil- 
ity to start and manage a business in a line 
with which they are familiar. The other 
50 percent will also be set aside in a trust 
fund for other philanthropic work. 

The Author 



INTRODUCTION 

My great-grandfather Bough on my 
mother's side was of English and German 
descent; he lived on a farm near West 
Point, Ohio, and was engaged in the mill- 
ing business. He passed away at the age 
of eighty-six. My great-grandmother sur- 
vived himi, passing away at the age of 
ninety-two. Grandfather and grandmother 
Bough were in their eighties when they 
passed out. 

Grandfather Bough was one of the 
^'forty-niners" who traveled over the plains 
to California during the gold excitement, 
having previously conducted a general 
store at West Point, Ohio, and failed in 
business. He prospered during his four 
years' stay in California, came back, went 
to Pittsburg, Pennsylvania, and paid off 
his old creditors. He was a man of great 
principle and honor, believing in making 
good to people who lost through him, and 
I have followed in his footsteps, as will be 
shown in the following experiences relat- 
ing to the "ups and downs,'' in my business 
life. 

9 



INTRODUCTION 

My great-grandfather Paul Fisher with 
his brother emigrated from Saxony, Ger- 
many. They fought in the Revolutionary 
War after which they settled among the 
Dutch settlers in Northumberland County, 
Pennsylvania. My great-grandfather reared 
a family of eleven children, one of whom 
was my grandfather Paul, later he emi- 
grated and settled near Calcutta, Ohio, in 
1810, where my grandfather married a 
Miss Margaret Souder of Welsh ex- 
traction. Of this union were born six 
children, three boys and three girls, my 
father George being the youngest son. 
My grandfather died at the age of eighty- 
six, being very active and sturdy and hav- 
ing great physical endurance all his life, his 
occupation being that of a farmer and 
stock-raiser. 

As was the custom in those days, on 
coming of age my father received a par- 
ental gift of $1000. At this time April 
14th, 1857, he and his brother Paul left the 
home of their boyhood to seek their for- 
tunes in the sunny south, engaging in the 

10 



INTRODUCTION 

stock-raising business together with an el- 
der brother who had preceded them some 
years before. 

When the Civil War broke out in 1861 
my father was pressed into the rebel ranks 
under protest, being at that time a citizen 
of the south. He soon obtained a furlough 
to return to his home and dispose of his 
property, after which, instead of again 
joining his regiment, he deserted to return 
to his northern home. He was captured 
while crossing the Ozark Mountains on 
horse back and again pressed into the rebel 
ranks, in another regiment. Watching his 
opportunity, he again deserted, this time 
on foot, keeping close to the brush, he 
slowly made his way to General Schofield's 
headquarters in the Union lines, then sta- 
tioned at Cassville, Missouri, arriving there 
October 12th, 1861. 

At this time being physically incapaci- 
tated because of the many hardships en- 
dured on his five hundred mile journey by 
foot, he was excused from military duty 
and im-mediately returned to his father's 

11 



INTRODUCTION 

home in Ohio. Recovering his health, he 
resumed his former occupation as teacher 
of a country school near Calcutta, Ohio. A 
few years later his friends requested him 
to write a history of his experiences while 
in Texas. This he did in spare moments 
while teaching school, bringing out a book 
entitled "The Yankee Conscript or Eight- 
een Months in Dixie,'' many thousands of 
copies of which were sold throughout the 
United States. When living in Texas and 
while on his way north my father had no 
thought of writing a book, therefore made 
no memorandums of dates of occurrences 
contained therein, but from beginning to 
end correct dates are given showing a won- 
derful memory, w^hich was inherited by 
his son, the writer of the following auto- 
biography. 

0. P. F. 



12 



PREFACE 

My design in presenting the following 
autobiography is to give the young men 
and women of today, who are struggling in 
the mercantile and industrial world, some 
idea of what they may encounter in at- 
tempting to enforce ideas of efficiency up- 
on their associates before the latter are 
sufficiently developed mentally to receive 
and appreciate them. It is stated that a 
small percentage of human kind are effici- 
ent, having initiative and willingness to 
make continued effort to reach the goal in 
business life, while the majority miake little 
or no effort, being satisfied to remain on 
the lower rungs of the ladder that leads 
to the highest success. 

Inheriting my father's unusual memory 
in recalling events which occurred from his 

13 



PREFACE 

early childhood down to the date of his 
death, also having handed down to me from 
my paternal and maternal grandfathers a 
high sense of honor and integrity, and 
great mental and physical endurance, I 
have been a target for shots of jealousy 
and hatred from some of my business asso- 
ciates and employees, who have continued 
to hold me in thought as conceited and 
egotistical, when in fact my one aim at all 
times has been to bring out the highest 
efficiency in business of every kind, at the 
same time cherishing no malice or hatred 
toward those holding me erroneously in 
thought. 

Young reader, I say beware, if you be- 
long to the smaller class, and I hope you 
do, as your road to success will not be an 
easy one, I advise you to keep your temper 
at all times and under all circumstances, 
even when subjected to abuse by your em- 
ployers and fellow workers. If you peruse 
this book with an open mind and read be- 
tween the lines it will be a strong influence 
in shaping your business career and guid- 

14 



PREFACE 

ing you safely through many troublesome 
situations. This autobiography deals solely 
with facts giving names of towns and 
cities where certain events transpired, in 
most cases giving names and characters, 
also firms and companies, connected with 
the transactions and incidents related. 

In writing my own experiences, which I 
hope may serve as a guide to my young 
readers, I found it unavoidable to use the 
"I" in many instances, but hope the reader 
will not look upon me as a big "I" thought 
in consequence, as what I have accom- 
plished, others have done and can do, 
though I have probably had more varied 
experiences than most business men. The 
thought I have tried to bring out in writ- 
ing my life story is, that the young man 
or woman should not yield to discourage- 
ment, when seeming disasters overtake 
them, but on the contrary should be opto- 
mistic and hopeful, and they will be suc- 
cessful in the end. 

I claim to be one of the humblest of men 
in the world today, were it necessary I would 

15 



PREFACE 

shine shoes for a living, or follow any re- 
spectable occupation; false pride should 
be overcome as it always proves a detri- 
ment, the snobbery displayed by some of 
the "so-called'' rich, is a curse to the hu- 
man race. 

I do not claim that this book has literary 
merit or that it is a work of art, as it is 
written by a plain, self-educated business 
man, relating the story of his life and giv- 
ing advice and assistance to young people 
in the business world, hoping they may 
profit by its perusal. 

Orion Paul Fisher. 
625 Bush Street, 

San Francisco, California, 
November 4, 1921. 



16 



AUTHOR'S NOTE • 

I have stated in Chapter Two of this 
book that the drawing of maps, writing 
and arithmetic were my hobbies at school 
in which I excelled, while English, gram- 
mar and spelling never struck me favor- 
ably, and in Chapter One that the little 
girl Bertha Pettit was tutored by her moth- 
er and left me behind in the first grade 
while she was promoted to the second. I 
wish to add that later she excelled in Eng- 
lish, grammar and spelling, v/hile figures 
which were my delight, were her despair. 
I also state in Chapter One that as fate 
decreed, she later became my loving wife. 
I wish to say therefore that much credit is 
due her for assisting me in English and 
spelling and finally criticising mxy manu- 
script before typewriting same, being 
greatly interested in seeing that my first 
literary effort came through as nearly cor- 
rect as possible for publication. 

17 



AUTHOR'S NOTE 

In order to keep busy after writing and 
typing my manuscript, I followed it to the 
linotype room carrying the galleys to the 
proof press room and making proofs of 
same by hand, then reading the proof 
sheets. After corrections were made on 
the linotype machine, I made the second 
proof, bringing same homie in the evening 
and reading it over again with my wife, 
before turning the galleys over to the 
printer. 

Now as we have worked together unas- 
sisted in a united effort to give the story 
of my life in as good English as our old 
style education of 40 years ago, without 
college training, would permit, therefore 
as a "home spun" production we place it 
in the hands of the public for final criti- 
cism, begging that its readers make due 
allowances for any errors or discrepancies 
discovered in the wording of same. 

The Author. 



18 



CONTENTS 

Chapter Page 

I Babyhood and Childhood - - - 21 

II Boyhood Days 30 

III Young Manhood 41 

IV First National Bank Experience 55 

V Garfield Savings Bank 

Experience 76 

VI Making a Nev/ Start in 

Business 106 

VII Bank of Cleveland Experience 127 

VIII Boston Public Accounting and 

Auditing Experience - - - 138 

IX New York Public Accounting 

and Auditing Experience - - 158 
19 



CONTENTS 

X Portland, Ore., Public Acc't and 

Auditing Experience - - - 170 

XI San Francisco Public Acc't and 

Auditing Experience - - - 182 

XII First E. F. Hutton & Co. 

Experience 188 

XIII Second Nev/ York Public Acc't 

Experience 207 

XIV U. S. Government Income tax 

Expert Experience - - - - 218 

XV Second E. F. Hutton & Co. 

Experience - 234 

XVI Conclusion 323 



20 



CHAPTER I. 
BABYHOOD AND CHILDHOOD 

At high noon Monday, November 4th, 
1867, in Ohioville, Pennsylvania, a little 
"oil boom'' town, about forty miles south- 
west of Pittsburg, Pennsylvania, near the 
Ohio River, I first saw the light of day in 
this beautiful world, being innocent as to 
what was in store for me the following 
fifty-four years, fourteen years of boyhood 
and the remaining forty years of "ups and 
downs" in a business career. My father, 
with my mother and elder sister Texie, 
then a babe of two years, had moved to 
this little town from his father's home- 
stead at Calcutta, Ohio. We were located 
right in the midst of the oil excitement. A 
disaster occurred to him there, which, had 
it proved fatal, might have changed my 
whole career. One day my father was en- 
gaged in drawing tubing from one of the 
oil wells, when a volume of white gaseous 
substance arose from it which, as it passed 
over the engine room, ignited, surrounding 

21 



AUTOBIOGRAPHY OF 0. P. FISHER 

him with a flame as high as a housetop. He 
shut his eyes and tumbled out over the 
tubings, hair, eyebrows, and clothing 
burned to a crisp; he lay at the point of 
death for twenty-one days, the skin peel- 
ing from his body leaving scars to the day 
of his death in 1902. But having a strong 
will and constitution he survived the ordeal. 
One year later he sold his interest in the 
oil property, and emigrated with his family 
to Independence, Kansas, taking up a tract 
of land consisting of 160 acres on the Ver- 
digris River. On our way there while 
changing trains at Indianapolis, Indiana, 
my mother waiting in the depot with my 
sister and myself, while my father was ar- 
ranging some matters outside, I, having an 
investigating turn of mind, as will be 
shown in the following pages, slipped away 
from my mother to "do the city." Soon 
she missed me and began to wail, "0! I 
have lost my baby-boy." After a pro- 
longed hunt I was found and restored to 
my grateful mother's arms. As I was then 
but one year old, this incident was not car- 

22 



BABYHOOD AND CHILDHOOD 

ried in my memory, but at the age of three 
I began to remember incidents which oc- 
curred in my life, and relate many of them 
in the following pages, as they stand out 
clearly before me up to this very day. In 
many cases I recall dates of incidents as 
to years, months, and even days, as did my 
father before me in writing his book, "The 
Yankee Conscript or Eighteen Months in 
Dixie." 

Upon getting settled in our little prairie 
home on the frontier, we began life anew 
in the big undeveloped western country. 
Six months later my sister Minnie was 
born. Eighteen months after that at three 
years of age, I remember as I ran out to 
the barn one day to meet my father and 
my uncle, who had come west with us, a 
rattlesnake ran across my bare feet, rat- 
tlesnakes being as plentiful in those days 
as flies in summer. My uncle seized an 
axe and chopped off its head which saved 
me from harm. I had another experience 
shortly after that which I recall distinctly. 
My father wishing to go over to the other 

23 



AUTOBIOGRAPHY OF 0. P. FISHER 

side of the river, swam across, carrying 
me on his back. This was great sport for 
a little chap of my age, as I was the first 
son and my father and I were great com- 
panions, I was nick-named little "Paul'' 
after my grandfather Fisher, as I, like he, 
was fearless and daring. In those early 
days there were many Indians camping be- 
low our house on the banks of the river; 
they were not savage, but the government 
kept soldiers in a camp nearby to guard 
the white settlers and quell any distur- 
bance that might arise. As our house stood 
near their camp, they often came to my 
mother begging for food. I remember one 
day two big Indian chiefs with their feath- 
er head-gear and tomahawks, came up to 
the wood pile where my sister Texie and I 
were playing, and taking us on their knees, 
began picking at the fuzz on the backs of 
our hands, at the same time eyeing us in- 
tently to see if we would cry and finding 
we were not afraid they said "brave white 
children." I imagine my mother was back 
in the house with her baby girl in her 
arms, watching that no harm befell us. 

24 



BABYHOOD AND CHILDHOOD 

The town of Independence across the 
river from us, was made up mostly of hay 
huts when we arrived from the east, but 
grew very rapidly as new settlers came out, 
reaching about five thousand population 
during the next three years, the buildings 
being of a very substantial kind. When 
marketing, my father often took me over 
to town with him, and I was very much 
interested in seeing the Indian "bucks,'' as 
they were called, riding around on their 
ponies. 

George Washington was not the only 
"kid'' who cut down a tree with a hatchet. 
My uncle bought me a little hatchet and 
with it I cut down a bush, which at that 
early age looked to me like a good-sized 
tree.I felt very proud when it fell and, like 
George, I did not tell a lie about it; I have 
kept the hatchet to this day. 

After spending two years on the fron- 
tier, my father breaking sod on the virgin 
soil, which for some reason was believed 
to cause malarial fever, my mother, being 
delicately constituted, contracted the dis- 
ease. A few months later my father de- 

25 



AUTOBIOGRAPHY OF 0. P. FISHER 

cided to send her and the three children 
back to her father's home in Lisbon, Ohio, 
he remaining with my uncle six months 
longer to harvest the crops and dispose of 
the farm, selling it at a good price because 
of rising values in a new country, after 
which they drove through to Lisbon, Ohio, 
in a "schooner'' wagon, camping out along 
the way. I was three and a half years old 
when I returned east with my mother, and 
remember very well the day my father 
took us to the train in the big farm wagon 
and my sister Texie and I waving our 
hands from the wagon saying, "good-bye 
old house, good-bye old barn, good-bye old 
bridge" and as we crossed the river, wav- 
ing our hands from the train windows as 
we rounded a hill in view of the old farm, 
till it was lost to our sight. 

While awaiting my father's return east 
we lived at our grandfather Henry Bough's 
home in Lisbon, Ohio. He had some land 
near the old woolen mill between the race 
and the creek upon which he raised vege- 
tables; grandmother was accustomed to 

26 



BABYHOOD AND CHILDHOOD 

sending me down every day with his din- 
ner in a basket. One day several dogs fol- 
lowed me smelling the meat I was carrying, 
which annoyed me greatly and I went home 
telling grandmother that I was followed by 
"dog after dog," and did not wish to carry 
any more dinners down to grandpa. 

Our grandparents lived on West Walnut 
Street, across the alley from Dr. Fawcett, 
who had two daughters, Jessie and Sallie, 
about the ages of Texie and myself. We 
played together very harmoniously as I 
preferred girls to boys for playmates. I 
inherited rapid speech from my father's 
people, so one day at noon while playing 
with the Fawcett girls, I spoke rapidly to 
my sister, saying, "Teckie you stay here, 
me go see ma got tabic set, ma got tabic 
set, m.e come back tell 'oo.'' This childish 
saying has been handed down to my nieces 
and I have never heard the last of it even 
to this day. 

I remember the day my father returned 
from the west in his big "schooner" wagon 
in the fall of 1871, when he drove up to the 

27 



AUTOBIOGRAPHY OF 0. P. FISHER 

house and came in, having been away for 
six months, I felt shy and unacquainted, so 
I ran up-stairs and stuck my legs through 
the banisters looking through at him. He 
soon rented a house in the Matamoras sec- 
tion near the woolen mill and we moved in. 
He purchased a hack-line running from 
Lisbon to Wellsville from John Hine, tak- 
ing over the government contract to carry 
the mail between these points. Later he 
leased a coal bank on the Fisher Blocksom 
farm, one and one-half miles south of Lis- 
bon, where he mined and sold coal in large 
quantities. A year later when I was about 
six we moved to East Walnut Street. 
On the same street a little further down 
lived a little girl three months and twenty 
days my junior named Bertha Pettit. On 
her way to school she passed our house and 
my mother said I had a naughty habit of 
throwing stones at her, of which, strange 
to say, I have no recollection whatever, and 
sometimes "doubt" the truth of the story. 
She being tutored by her mother at home 
was promoted in two weeks from the first 

28 



BABYHOOD AND CHILDHOOD 

to the second grade while I remained in 
the first. 

After the stone-throwing incident this 
little girl dropped out of my life for the 
next fourteen years. Then as fate would 
have it I met her in Wellsville, Ohio, while 
visiting her cousins, fell in love with her 
and we were married three years later, June 
4th, 1891, at her home in Lisbon, Ohio. 
During the next ten years there were born 
to us five lovely daughters, who are all 
living and enjoying life today. 

But to take up the thread of my story: 
My teacher in the first grade was a Miss 
Watt, a very stout lady who was a strict 
disciplinarian. One day she took a little 
fellow over her knee and spanked him 
soundly, threatening to do the same with 
me if I did not behave, which was sufficient 
warning after seeing my comrade walloped 
with such a strong arm. During my first 
year in this grade my brother Ottis, the 
baby of the family, was born, September 
24th, 1873. 



29 



CHAPTER 11. 
BOYHOOD DAYS 

The following spring my father sold out 
the hack line, cancelled the coal lease and 
purchased the old Dr. Marcus farm two 
miles south of Lisbon on the Hepner Hol- 
low road. This moving to the country was 
a great event to us children, as we antici- 
pated happy days to follow. Just before 
moving out to the country, Texie and I 
had been taken down with the measles and 
were wrapped in blankets while on the 
way, to avoid taking cold. The measles 
did not come out which worried my mother 
considerably. A Mr. Jason Morgan, call- 
ing one day, suggested to my mother that 
if she would get some sheep pills in a can 
and fill it with hot water and give it to us 
to drink, it would bring out the measles. 
My sister drank this tea but I refused, and 
she to this day, having a weak stomach, 
says, it is no wonder after drinking such 
stuff. My dear young reader, be thankful 

30 



\~_- 



J 



fkfe-." I--.- 






31 



CHAPTER 11. 
BOYHOOD DAYS 

The following spring my father sold out 
the hack line, cancelled the coal lease and 
purchased the old Dr. Marcus farm two 
miles south of Lisbon on the Hepner Hol- 
low road. This moving to the country was 
a great event to us children, as we antici- 
pated happy days to follow. Just before 
moving out to the country, Texie and I 
had been taken down with the measles and 
were wrapped in blankets while on the 
way, to avoid taking cold. The measles 
did not come out which worried my mother 
considerably. A Mr. Jason Morgan, call- 
ing one day, suggested to my mother that 
if she would get some sheep pills in a can 
and fill it with hot water and give it to us 
to drink, it would bring out the measles. 
My sister drank this tea but I refused, and 
she to this day, having a weak stomach, 
says, it is no wonder after drinking such 
stuff. My dear young reader, be thankful 

30 



BOYHOOD DAYS 

you were not born in the days when such 
foolish old remedies were in vogue. 

My father opened up a coal bank and 
sold coal along with his farming. Six 
years passed by giving me valuable experi- 
ence in farm life, which every boy should 
have in his early years if possible. I at- 
tended the Battle Ridge country school 
with my brother and sisters with the ex- 
ception of one year in which I was kept at 
home with weak eyes. The drawing of 
maps, writing and arithmetic were my hob- 
bies in which I excelled, while grammar 
and spelling never struck me favorably. 

When ten years of age I, like all boys, 
had the curiosity to try a smoke, so making 
a pipe from a corncob I filled it with gen- 
uine tobacco obtained from som!e of the 
farm-hands. I went out to feed the pigs, 
smoking away "as big as life," but by the 
time I returned to the house, I had had my 
fill and was "as sick as a dog," lying flat 
on my back wishing I had never seen a 
pipe, suffice it to say I never touched the 
filthy weed since, which has saved me thou- 

31 



AUTOBIOGRAPHY OF 0. P. FISHER 

sands of dollars and I attribute my good 
health today to total abstinence from it. 

My dear young man, if you are addicted 
to this habit I advise you to give it up as 
soon as possible, and look ahead forty years 
figuring up how much cash you would have 
if not spent for smokes, and better health 
in the bargain. At the age of twelve I was 
unusually large and sufficiently strong to 
assist my father on the farm, plowing, har- 
rowing, and old-style hand-cradling, also 
digging coal in a thirty-inch vein. 

In the fall of 1880, we disposed of the 
farm, selling off at auction the stock and 
implements and moved to Wellsville, Ohio, 
fifteen miles southeast on the Ohio River. 
I entered the seventh grade of the public 
school to continue my studies, but I was 
ambitious to earn a little money after 
school hours so cast about for something 
to do. 

On the corner of Main and Eighth 
Streets near my home, stood a large frame 
hotel, called the Cooper House, run by old 
Mrs. Cooper, who has since passed to her 

32 



BOYHOOD DAYS 

rev/ard, but in those days was so close and 
stingy she would "skin a flea." She needed 
a boy to carry hard coal from the rear end 
of the yard to the rooms on " the three 
floors of the hotel I applied for the job and 
she offered to pay me "18 cents" a week. 
This was the beginning of my "business 
career." I was always ambitious for work 
and the money was a secondary matter. 
In doing this work it was necessar^^ to car- 
ry tv/elve buckets of coal mornings and 
evenings, including Sundays, up a narrow 
steep stairway outside the building, also 
to carry out ashes mornings. 

At the end of a f ev/ weeks I saw she was 
getting the best of the bargain and stiaick 
for more money. She "very generously" 
raised me to "25 cents" a v/eek, but added 
to my already arduous duties, the chopping 
of wood Saturday afternoons. I was then 
a "greeny" fresh from the country. The 
money I received for this work I gave to 
my mother to help buy necessary clothing, 
as I did not know in those days what it 
was to have spending money for "nick- 

33 



AUTOBIOGRAPHY OF 0. P. FISHER 

nacks." I kept this job until the following 
spring of 1881, at the close of school. I 
have never been able to make out why she 
gave me the odd amount in cents instead 
of making it at least 20 cents a week and 
also why I was such an easy mark for 
the old "tightwad." 

Wishing to be employed during the sum- 
mer and earn more money, I secured a job 
in the Wellsville pottery wedging clay for 
a journeyman, who was making plates, 
cups and saucers. This work consisted of 
taking rolls of clay from the press, cutting 
them with a copper wire, half of the roll 
projecting over the marble slab, then lift- 
ing this half high in the air, bringing it 
down on the other half, continuing this 
process of cutting and wedging until the 
clay was of the proper consistency for the 
molds. For this work I received $2.50 a 
week, which meant "coming up "some in the 
industrial world as compared with my 
former job. Soon after, I took another 
job up-stairs, running molds for a presser 
at $3.00 a week, this job furnishing too 

34 



BOYHOOD DAYS 

little outlet for my surplus energy and 
wishing to earn a higher wage, I accepted 
another job wheeling coal and saggers to 
the kilns, the latter being used to hold the 
crockery while burning. This job paid me 
$4.50 a week. The hot summer sun with 
the heat from the kilns was a severe test 
of my endurance but I "stuck it out^' for 
several weeks. 

During the latter part of this summer 
two gentlemen by the name of Campbell 
and Webster came to town and opened a 
pottery in the old school building in the 
upper end of town. Having gained some 
little knowledge of the pottery business, I 
applied for a job to learn my trade as a 
pressor, was accepted and began work in 
a room in the attic, being assigned a set 
of molds and given a bench, I began mak- 
ing individual creamers. I enjoyed working 
in the clay, seeing the little creamers take 
shape and come out of the molds ready to 
finish for kiln burning. 

Becoming so interested in my new work 
and at the same time learning a trade,^ I 

35 



AUTOBIOGRAPHY OF 0. P. FISHER 

decided not to return to school in the fall, 
my parents needing my financial support. 
Soon after this I was transferred to the 
press rooms on the floor below, as my for- 
mer work had proved very satisfactory. I 
was then assigned a bench and molds for 
thirty-six size creamers holding a pint and 
a half. We were paid by the dozen and I 
v/as very successful in making them. I 
turned my account of two weeks, amount- 
ing to $16.00, into the office and was com- 
plimented by the manager on its neat ap- 
pearance. 

I met with a very disastrous mishap one 
day, which caused me a good day's pay. 
One day upon finishing two dozen cream- 
ers, I was carrying them to the dry room 
on a board placed on my shoulder, when, 
thinking I v/as at the bottom of the stair- 
way, I started for the dry room, but dis- 
covered another step, too late to save the 
creamers. 

Now, as I never cried over spilt milk 
and always made the best of things, I 
went back to make another lot. This 

36 



BOYHOOD DAYS 

seemed to be an ill-fated pottery as they 
soon found all the finished ware was cov- 
ered with little blue spots and vainly trying 
to ascertain the cause, with a large stock 
of imperfect ware on hand, they finally 
went bankrupt. Being as yet an appren- 
tice, I was unable to return to the other 
pottery and continue my trade. 

I was now fourteen years of age and 
work in my line being scarce, I obtained a 
job with the Wellsville Plate and Sheet 
Iron Company, v/heeling cinders from the 
furnaces with Italian laborers, at 75 cents 
a day. After working awhile I changed to 
wheeling scrap iron to the puddling fur- 
nace at night on an eight-hour shift from 
4 p. m. to midnight, for the same pay, but 
night work proving very disagreeable, I 
applied for the job of water boy for which 
I received $4.50 a week. 

Later, hearing that some school chums 
of mine were employed in the William 
Jones Terra-Cotta Works and wishing to 
be with them, I applied for a position there, 
digging clay, filling the press machine and 

37 



AUTOBIOGRAPHY OF 0. P. FISHER 

carrying off sewer pipe from the press. I 
had a constructive mind and was willing 
to tackle any kind of work, so was given 
the job of firing the boiler and running the 
engine, but having less wisdom than I have 
today and undertaking one day to cool the 
cinders under the grate bars with a bucket 
of water, I was badly burned with steam 
before I could escape; however, I worked 
on paying no attention to the burns. 

In the spring of 1882, as business was 
poor and money tight, the works shut 
down, throwing me out again. In search- 
ing for work I met a bricklayer who was 
building a house for Samuel McLean on the 
corner of Sixth and Main Streets; a col- 
ored man was carrying the bricks so I was 
engaged to carrj^ mortar in a hod up a 
ladder to the second story, receiving $1.50 
a day, a man's pay, though I was but four- 
teen years of age. Upon finishing this 
house, his next job was the building of a 
chimney for a Mr. Porter at Yellow Creek 
Station, at which I assisted in carrying 
bricks and mortar. Later he took a con- 
tract for building the Cooper Opera House. 

38 



BOYHOOD DAYS 

On this job I wheeled nearly all the brick 
from the sidewalk to the masons' plat- 
forms, when the building reached the sec- 
ond and third floor, I wheeled them up the 
gang plank to the top. In later life I won- 
dered that I had the strength to accomplish 
it at that age, but the determination al- 
ways to be occupied and earn money kept 
me at it. 

Upon the completion of this building in 
the early summer, I was looking around 
for some more "hard'' work and had no 
trouble finding it, I assure you, as the town 
council had let a contract to put in a water- 
works system. I engaged immediately to 
dig ditches along the streets for the laying 
of pipes, being paid so much per foot for 
sixteen foot lengths. When I struck a sand 
spot I made good money, but it fell to my 
lot occasionally to have assigned to me 
some hard and gravelly lengths, which re- 
quired a little more of my surplus energy. 
I kept at this work until the contract was 
completed. By this time I was an "ex- 
pert" with the pick and shovel and know- 
ing the law required every man over twen- 

39 



AUTOBIOGRAPHY OF 0. P. FISHER 

ty-one years of age to work three days a 
year on the roads or furnish a substitute, 
I called upon different merchants to obtain 
the right to work out their road tax, for 
which I was paid $1.50 per day. 

In August of this year I secured a job 
running a steam-hammer at the Cleveland 
and Pittsburg R. R. shops. At the end of 
two weeks I was asked to wash out the 
boiler on Sunday, and as I was brought 
up in a Presbyterian Sunday school this 
was against my principles. Therefore I 
exchanged work with a night engine wiper, 
but working all night, eating a cold lunch 
and hearing ghost tales from irtj associ- 
ates, of people killed by the engines soon 
finished me for this work and ended my 
experience in manual labor. 

One day, while on the steam-hamme)' 
job, we were all called out and lined up in 
our bare heads while the late President 
Garfield's funeral train passed through the 
R. R. yards on its way to Cleveland, Ohio, 
v/here his body was laid to rest in Lake 
View^ cemetery and later a fine monument 
erected to his memory by a loving public, 
his body being placed in same. 

40 



CHAPTER III 
YOUNG MANHOOD 

One Sunday in the latter part of August, 
1882, a young theological student from 
Allegheny Seminary came to substitute for 
our pastor. He spoke on higher education 
and created in me a strong desire to return 
to school, in order to secure a better foun- 
dation for my future career. Accordingly, 
I re-entered school that fall, and finding 
my old class had been promoted to the 
tenth grade on account of a congested con- 
dition, I entered the ninth and soon after 
passed an examination joining my old 
schoolmates in the tenth grade, working 
hard to make up for lost time. 

Having Saturdays free I cast about for 
employm_ent and found work at $1.00 a day 
in a Mr. M. Eakin's grocery on Main 
Street between Seventh and Eighth. He 

41 



AUTOBIOGRAPHY OF 0. P. FISHER 

made good use of me and got the worth of 
the dollar, using me to sort out rotten ap- 
ples and potatoes in the basement. On 
busy Saturday nights I assisted his son Hal 
at the counter, but never saw the dollar 
I earned as it was applied on our family 
grocery bill. One evening a mechanic came 
in and threw down a silver dollar for a 
fifty-pound sack of flour; a dollar would 
buy something in those days, and it looked 
to me like a lot of money to pay for a 
sack of flour. 

Two months after I entered school, I 
was offered a position at $25.00 per month 
by Mr. W. F. Beardsley, then Master Me- 
chanic of the C. and P. division of the 
Pennsylvania R. R. Company, assisting my 
father who had recently been made general 
storekeeper and preferred me as his assis- 
tant. His position paid but $45.00 per 
month and my $25.00 was needed to help 
support our family of six; accordingly, I 
left school for good, and was tutored in 
my studies at home. Having, in all, but 
seven years' and two months' schooling, 

42 



YOUNG MANHOOD 

merely finishing common fractions, but 
possessing a mathematical mind and an in- 
quisitive nature, the next thirty-nine yeai's 
I passed through the "college of hard 
knocks" and graduated at the "university 
of experience." 

I began my new task with the predom- 
inant thought of work, system and effi- 
ciency, which have been the strong points 
through all the succeeding years of my bus- 
iness career, causing me many hardships 
which however brought me success in the 
end, because of the lessons learned by them. 

But to take up my story where I left off, 
the storeroom of the railroad company 
carried supplies and materials used in re- 
pairing engines and railway cars, valued at 
m^any thousands of dollars. The stock was 
in a deplorable condition when my father 
took charge and knowing me to be a syste- 
matic and tireless worker, he gave me a 
free hand in the arrangement and manage- 
ment of the storeroom. 

I soon learned the shop foremen of the 
different departments were accustomed to 

43 



AUTOBIOGRAPHY OF 0. P. FISHER 

rushing in at any time for some needed 
article disarranging the stock, I immedi- 
ately changed this custom and in so doing 
had my first encounter, as an executive, 
with an opposing force. I kept the door 
locked inside and made it the rule, ap- 
proved by the master mechanic, that sup- 
plies and materials would be issued on shop 
requisitions only, which were to be pre- 
sented at the door window. The m.aster 
mechanic appreciating the changed condi- 
tions gave me every support, placing the 
yard gang at my command whenever need- 
ed to do heavy lifting. 

My next encounter was with the chief 
clerk in the master m.echanic's office, Mr. 
Dan R. Ridgway, an officious character 
who neglected his work to meddle with that 
of others. One day he transferred Mr. S. 
D. Shipley, one of the clerks, to the store- 
room, to do his bookwork there, and no- 
tified my father and myself that he vvould 
be storekeeper and his name would be 
used on the shipping bills. I had always 
been a hard fighter for principle and 

44 



YOUNG MANHOOD 

therefore refused to carry out his orders. 

Upon the return of the master mechanic 
from an inspection trip to Cleveland, Ohio, 
I took up the matter with him and he im- 
mediately ordered Mr. Shipley back to his 
old desk. I held this position for a period 
of three years v/ithout raise in salary as 
advances in those days v/ere few and far 
betv/een except in the case of promotion 
to a higher position, m.y hours ran from 7 
a. m. to 6 p. m. v/ithout Saturday after- 
noon holidays or annual vacations such as 
employees now receive. 

At the end of his third ^/ear of service, 
my father resigned and I v/as offered his 
position at $45.00 per month. A_t the same 
time a vacancy occurred in the chief clerk's 
office, that of coal-premium and car-record 
clerk; Seeing greater experience and ad- 
vancement in this position, I readily ac- 
cepted it, though it paid $5,00 less per 
month than that of storekeeper. I held 
this position for one year enjoying the 
v/ork as it dealt with figures, which were 
my delight, 

45 



AUTOBIOGRAPHY OF 0. P. FISHER 

The following January, 1887, I lost my 
position which stopped my progress for 
awhile, but later in life I realized it was a 
blessing in disguise, as it released me from 
the railroad office where positions offer 
little advancement to the ambitious young 
man, and proved to be the turning point 
in my life. The loss of my position oc- 
curred in this way: One Saturday after- 
noon I had completed my regular work and 
stood ready to assist the other clerks in 
making up payrolls, but the chief clerk, 
concerning himself as usual with work 
outside his department, failed to lay out 
the payroll work for us, preferring to work 
all day Sunday. As I was leaving that day 
he said, "Are you coming back tomorrow?" 
I answered, "No, it is against my prin- 
ciples," I observed Sunday according to my 
teaching in those days. 

The next day, while attending S. S. 
and Church, he sent me three different 
notices, by messenger, to appear at once 
for duty at the office, I did not report. 
Monday morning the master mechanic de- 

46 



YOUNG MANHOOD 

manded an explanation and apology before 
resuming my work. This I considered un- 
necessary, therefore severed my connec- 
tion with the company, afterv/ards the 
Superintendent, Mr. John Thomas, was in- 
terviewed in my behalf, but he declared the 
young man had been a little too hasty and 
needed "cooling off," consequently I was 
not reinstated. 

The chief clerk lost his position soon 
after, also the Superintendent, and eleven 
years later, when Treasurer of a bank in 
Cleveland, Ohio, I saw the chief clerk walk- 
ing the streets out of v/ork, presenting a 
most forlorn appearance. The Superin- 
tendent, upon losing his important position 
and reputation as a railroad official, took 
up the work of an insurance agent, and lat- 
er, visiting me at the bank solicited the 
writing of my life insurance, a few years 
after this he passed to his rev/ard. The 
master mechanic, instead of advancing as 
m.en of his position usually do, w^as side- 
tracked to an unimportant division of the 
road, finally becoming mentally unbal- 
-47 



AUTOBIOGRAPHY OF 0. R FISHER 

nothing better ahead at the time, I engaged 
with him to sell books, he to do the financ- 
ing until I made delivery. I went to Steu- 
benville, Ohio, with him and was very suc- 
cessful for a couple of months in taking 
orders, but found when I came to make de- 
liveries, only about one-fourth of the peo- 
ple would accept the books and a large 
number were left on my hands, however, 
the minister having confidence in me gave 
me time to dispose of them, which I finally 
did to another agent. 

At this place I met a young man selling 
stereoscopes with views. The business ap- 
pealed to me as they seemed to sell readily, 
and I followed this line of work until late 
in the summer, later selling my outfit and 
stock to a young college student by the 
name of Swan, as I preferred being at 
home. I had a natural bent towards ac- 
countancy and working with figures, so ob- 
tained a position as cashier and bookkeeper 
of single entry accounts, in the dry goods 
store of H. G. Wells and Brother, during 
the leave of ahsence of Miss Ada Noble on 

50 



YOUNG MANHOOD 

account of ill health. This position, pay- 
ing me $6.00 a week, I held until the fall of 
1887. 

At this time Mr. A. H. Morrow, a chum 
of mine who was bookkeeper for the Sewer 
Pipe Association, became interested in the 
Anderson Short-hand Reporting machine, 
a recent invention. After purchasing one 
he induced me to do the same. We prac- 
ticed together in the evenings and soon 
were able to take dictation at a moderate 
rate of speed. 

Late in the fall of that year I was again 
thrown out of employment by the return of 
the regular cashier. This dry goods store 
being a customer of John Wanamaker in 
Philadelphia, I wrote to him asking for a 
position and his secretary replied, saying, 
"The city is filled with young men looking 
for positions you had better remain at 
home," so in casting about for another pos- 
ition, I met Mr. Shipley one of the former 
clerks in the railroad office who had re- 
signed after the chief clerk lost his posi- 
tion. He and Mr. Ridgway had formed a 

51 



AUTOBIOGRAPHY OF 0. P. FISHER 

partnership under the name of Ridg^^^ay 
and Shipley and bought out a wholesale pa- 
per and rag company. Mr. Shipley han- 
dling the bookkeeping and financial end of 
the business, together with the selling end, 
he asked me if I would com.e in during the 
afternoons and assist him in keeping the 
books at $1.00 per day, to which I readily 
agreed and worked for them almost a year, 
meanwhile pursuing shorthand and type- 
writing practice at home in the mornings 
under my sister Texie's dictation, using 
Dickens' "Old Curiosity Shop" as a text- 
book. 

When I took this position I knew noth- 
ing about double entry bookkeeping, being 
a clerk and assistant storekeeper at the 
railroad shops, requiring the keeping of 
records alone. I purchased Duffs double 
entry text book at Pittsburg, Pennsylvan- 
ia and made a close study of its contents 
applying the principles in making entries 
on the books. In this way I received a bet- 
ter and more practical foundation for dou- 
ble entry bookkeeping than most students 

52 



YOUNG MANHOOD 

get at a business college, had no trouble 
with trial balances each month and was 
very much interested in my work. 

Young man there is nothing like perse- 
verance to attain success and where there 
is a will there is a way. My motto through 
life has been "v/hat man has done man can 
do" and I have never feared attempting the 
most difficult business task. Mr, Shipley's 
partner, Mr. Ridgway, did not like my comi- 
ing to v/ork for them, because of his past 
experience w^ith me at the railroad shops; 
we had several encounters as he tried to 
dictate to me about matters which did not 
concern him. Mr. Shipley upheld me as he 
liked my v/ork and had confidence in me. 
During the time I v/orked for this firm I 
was able to save $200.00 living at home. 

One morning after November the fourth, 
1888, my twenty-first birthday, I went up 
to the railroad station, as was my custom 
for a little relaxation from my practice, to 
see the train come in. On returning while 
v/alking along Front Street, the thought 
came, "go to Cleveland at once." Reach- 

53 



AUTOBIOGRAPHY OF 0. P. FISHER 

ing home I told my sister of this, she tried 
to discourage me and advised my waiting 
until I had obtained more speed on the ma- 
chine, but my decision was already made as 
I felt it was the right move at that time. 
Packing immediately I took the train for 
the big city of Cleveland, to work out my 
future business career and seek my for- 
tune, little dreaming of the opposition that 
awaited one with my personality, or the ex- 
periences I would pass through in the next 
twenty years. 



54 



CHAPTER IV. 

FIRST NATIONAL BANK 
EXPERIENCE 

Arriving in Cleveland I secured board 
and lodging v^ith a Mr. Frank Hines on old 
Seneca Street where my younger brother 
Ottis was boarding, he had preceded me by 
a few months and was telegraph operator 
at the Western Union office. I inserted a 
want advertisement in the Cleveland Leader 
for a position as stenographer and book- 
keeper and received tv/o replies, one from 
the Treasurer's office of the Standard Oil 
Company and one from the First National 
Bank. 

I called at the Standard Oil Company's 
office first, they wished a stenographer, but 
upon talking with Mr. L. H. Severance, the 
treasurer, who was somewhat of a farmer 
in his manner and very democratic, ad- 
dressing me as a young "buckwheat/' he 
advised me to take the bank position, as the 
opportunities of a stenographer were not 
so good for a young man as those of a bank 
clerk. 

55 



AUTOBIOGRAPHY OF 0. P. FISHER 

I then called at the First National Bank, 
located at that time on Superior Street and 
was met by Mr. Thomas West, the assis- 
tant cashier.He told me he had recently- 
employed tv/o young men as collectors at 
$25.00 per month each, and could offer me 
no more pay at the beginning. But, as I 
had several years' office experience, he 
would place me in a higher position, that 
of discount clerk. This was quite a drop 
from the railroad salary, but I knew, once 
entering the bank, with my experience I 
could make good and rise rapidly, so ac- 
cepted the position. In taking charge of 
the discount desk, I had turned over to me 
a million dollars in discount paper out of 
balance with the general ledger account. 

The balance on the note statement made 
up by the former clerk had been forced and 
the old Vice-President, Mr. Solon Burgess, 
was v/orking hard over it trying to get it 
into balance, but v/as unsuccessful. After 
some days of hard work I succeeded in bal- 
ancing the discounts correctly with the 
general books. At the end of the month I 

56 



FIRST NATX BANK EXPERIENCE 

was paid at the rate of $35.00 per month 
instead of $25.00 as first agreed upon, my 
employers evidently rewarding me for the 
extra work done in balancing the discounts. 

At this time the general bookkeeper, who 
v/as receiving $800.00 a year salary, re- 
signed. Being am.bitious to advance, I 
asked the individual bookkeeper as to 
v/hether I should apply for the position. 
He replied, "Yes,'' and just then Mr. 
Thomas H. Wilson the cashier, returning to 
the directors' room, passed my desk. On 
my applying for the position he remarked, 
"V/e are just now discussing it." Later 
coming from the directors' room he told 
m.e the position was now mine at a salary 
of $50.00 per month. I felt much elated 
over the promotion and advance in salary, 
halving been in the bank but one month. 
This v/as a big undertaking for me, having 
to use their old system of bookkeeping, 
keeping the accounts of one hundred bank 
correspondents and taking off a daily trial 
balance from, the ledger. 

I soon discovered the departments v/ere 
57 



AUTOBIOGRAPHY OF 0. P. FISHER 

not balanced separately and when we were 
out in our general balance, at the close of 
the day, we were compelled to check the 
entire work of all departments for the day 
until the error, or errors, were found. 
Sometimes this took as late as eleven o'- 
clock at night and the old assistant cashier, 
Mr. West, objected to our going out for 
supper until we found the errors. When at 
a late hour they were found and we had 
discovered the one who was responsible, he 
felt like crawling through a knot hole. 

Mr. Bank Clerk, when you are reading 
this page, think if you would have liked to 
work in a bank in those "good old days" 
when machine-bookkeeping systems were 
unknown. The general journal was a blank 
book and in making entries each day, it 
was necessary to write the names of the 
bank correspondents four times, that is, 
crediting the letter remittances in the 
morning, then the collection credits, and in 
the afternoon debiting the out-going re- 
mittances and collections. This required 
considerable time and writing. Having ini- 

58 



FIRST NAT'L BANK EXPERIENCE 

tiative and a constructive turn of mind, I 
soon got busy and formulating a new sys- 
tem in my mind, asked permission to put it 
in force. The old assistant cashier ob- 
jected, being non-progressive in his ideas. 
The cashier, Mr. Thomas H. Wilson, re- 
membering v^hat I had done on the dis- 
count desk, said, "Let the young man tiy it 
and see what he can do." Having his per- 
mission I was encouraged to draw up my 
forms and present them to Mr. Wilson, who 
was pleased with them. 

I then had a journal made from them, 
having all the bank correspondents^ names 
printed alphabetically down the center of 
each page, allowing space at the bottom for 
any miscellaneous items. With this sys- 
tem I had no bank names to write simply 
filling in figures. This shortened my work 
two hours a day. I never had it copy- 
righted but it was adopted by many of the 
National Banks in the city. It was more 
than the old assistant cashier, the tellers 
and the individual bookkeeper could stand 
to have a young country boy come into the 

59 



AUTOBIOGRAPHY OF 0. P. FISHER 

bank and do something different, even if 
they were benefitted by it. It caused a lot 
of jealous feeling toward me and I was 
looked upon as being conceited, when such 
was not the case. It was the same old 
story as when Columbus discovered Ameri- 
ca, your fellow men are ready to pull you 
down if you suggest or do anything that 
is not understood, however I rose above 
their jealous thoughts and was not dis- 
couraged. 

After installing my new journal, I 
worked out a system by which I could bal- 
ance my books independent of the other de- 
partments. The bank closed at 3 p. m. and 
I had my work all in balance by 3 :30 p. m. 
leaving early, while the others remained 
many times to check for their errors. I 
then developed the system as a whole and 
put in a proof book, balancing each depart- 
ment separately. Mr. Wilson the cashier 
was the only one of the older men in the 
bank who appreciated what I had done, 
of course I had not done anything unusual 
in the estimation of the older clerks, but 

60 



FIRST NAT'L BANK EXPERIENCE 

why did they not put in a like system be- 
fore I came? Most of the human race en- 
joy being benefitted but do not give credit 
to the benefactor. 

In my past business career as an execu- 
tive I have always been as free with 
compliments as with criticisms^ as my ex- 
perience has been that so many employers 
refuse to compliment em.ployees for work 
well done^ fearing they will become con- 
ceited and dem.and more money for their 
services, however they are free to criticise, 
as they think by this means they will keep 
employees in their places. This is one of 
the greatest mistakes in business life and 
consequently as a rule employers get about 
50 percent efficiency from their employees. 
The following is an illustration of my new 
journal system. 



61 



Bank Journal 


COLLECTIONS 


TOTAL DEBITS 


ACCOUNTS 


TOTAL CREDITS 


COLLEmONS 1 










nn 






FIRST NATL. BANK 
AKRON, 0; 






REM. 














































COL. 










COL. 


















REM. 






FIRST NATL. BANK 
BOSTOM.MASS. 






REM. 














































COL. 










COL 


















REM. 






FIRST NATL. BANK 
CINCINNATI, 0. 






REM. 














































COL. 










COL. 


















REM. 






FIRST NATL. BArtK 
CHICAGO, ILL. 






REM. 














































COL. 










COL. 


















REM. 






FIRST NATL .BANK 
DENVER, COL. 






REM. 














































COL. 










COL. 


















Rin 






FIRST NATL. BANK 
ERIE, PA. 






REM. 














































COL. 










COL. 


















RLM. 






FIRST NATL.5ANK 
LOS ANGELES, CAL. 






REM 














































COL. 










COL. 


















REM. 






FIRST NATL. BANK 
NEW YORK, N.Y 






REM. 














































COL 










COL. 


















REM. 






FIRST NATL.BANK 
PITTSBURG, PA 






REM 














































COL. 










COL. 


















REM- 






FIRST NATL.BANK 
SAN FRAtiCiSCO.CAL. 






REM 














































COL. 










COL. 


















REM. 






FIRST NATL.BANK 
SEATTLE, WASH 






REM. 














































COL. 










COL. 
























INDIVIDUAL 
ACCOUNTS 






























DISCOUNTS 






























EXCHANGE 






























EXPENSE 






























MISCELLANEOUS 
ACCOUNTS TO BE 
"WRITTEN IN. 






























TOTAL 

















FIRST NAT'L BANK EXPERIENCE 

I kept the general books for three years 
and my salary was raised to $60.00 per 
month, July 1st, 1889, to $70.00 January 
1st, 1890 and to $75.00 the following July. 
I was the "ring leader" for the younger 
boys in taking up the "salary" question 
with the cashier when I thought we de- 
served a raise. I would step into his office 
and ask permission to speak to him in the 
directors' room. He would immediately 
walk back, if not engaged, and I would fol- 
low. I remember many times my heart 
was fluttering and I was somewhat doubt- 
ful, but was always successful in obtaining 
the increase. Mr. Wilson was veiy kind 
and easy to approach, appreciating the ef- 
forts made by his employees. 

In January, 1891, our pay envelopes 
showed the same amounts as the previous 
year's salaries. I said nothing to him at 
that time, but later in February I asked 
permission to talk to him in the directors' 
room, as had been my custom in previous 
years, no doubt he knew what was coming, 
I told him I was going to be married the 
following June, and felt I should be earn- 
ing more money to take care of additional 

63 



AUTOBIOGRAPHY OF 0. P. FISHER 

expenses. He asked me how much salary 
I wished, I nerved myself up to say $100.00 
per month, which amount he gave me, dat- 
ing it back to the 1st of January, at the 
same time advancing the other boys. 

I remember that night I went up to the 
Y. M. C. A. gymnasium and felt very much 
elated while exercising on the floor, know- 
ing I was nov7 a $100.00 a month man, the 
amount the chief clerk was drawing in the 
railroad office when I was making $40.00, 
thinking then if ever I earned $100.00 a 
month it would be a big salary. 

In January of the following year, 1892, 
the paying teller resigned, the individual 
bookkeeper was next in line for promotion 
and was given the paying teller's position, 
but soon found he was not fitted for that 
kind of work as it required a very quick 
and active mind. One day in cashing a 
check he became confused and threw the 
money at the customer. The question in 
my mind then was, if he failed and I was 
offered the position, as I was next in line, 
would I attempt it or stay back on my 

64 



FIRST NAT'L BANK EXPERIENCE 

books, which I understood and had made a 
success, remaining a bookkeeper all my life. 
My second thought was, "No, I will not be 
satisfied with what I have accomplished, 
but will aim for something higher." 

In a day or two I was offered the posi- 
tion, with a salary of $120.00 per month. 
The former individual bookkeeper was then 
given my position as general bookkeeper. 
I handled the paying-teller's work success- 
fully and was advanced to $125.00 per 
month the first of the following year, re- 
maining in this position for three years. 

At the end of this time Mr. West, the 
assistant cashier, resigned and was elected 
Treasurer of the West Cleveland Banking 
Company. He has since passed over the 
line. The receiving teller was then pro- 
moted to the assistant cashier's position at 
a salary of $2000.00 per year and I was ad- 
vanced to his position as receiving teller, 
at my present salary of $125.00 per month, 
that being the limit for a teller's salar^^ in 
this bank at that time. 

In this life a great many people are mis- 
65 



AUTOBIOGRAPHY OF 0. P. FISHER 

fits, doing work for which they are un- 
fitted, not having the courage to get out 
and find something they can do success- 
fully. The thing young men especially 
should accomplish in this life, is, to be an 
expert at some one line of business, making 
them independent, then add to it as many 
side lines as possible. There are too many 
"jacks of all trades" and masters of none, 
as the old saying goes. The individual 
bookkeeper was a good fellow and meant 
well, but he v/as not intended for a bank 
teller nor a bookkeeper, he had a bad habit 
of looking around when customers came in, 
which distracted his mind from his work, 
causing him continually to make transpo- 
sitions in figures, which were his main er- 
rors. He spent many nights working on 
his books until a very late hour, which was 
all unnecessary. With my love of effici- 
ency it was about all I could stand, after 
putting in a new journal system shortening 
the work two hours a day. 

One day in my eagerness to show him 
how easily it could be done, I told him, if 

66 



FIRST NAT'L BANK EXPERIENCE 

he would sit on a stool by the books I would 
show him how I could handle the receiving 
teller's work, and at the same time keep 
the general books balancing the day's work 
by 5 p. m. I knew I could do it with the 
energy I possessed, and believe the former 
receiving teller could have done the same, 
so I could not understand why he did not 
accomplish it in reasonable hours, as he had 
been keeping the general books for more 
than three years at this time. 

Young man, if you find your work irk- 
some do not keep at it merely to draw your 
salary, as it will retard your advancement. 
But look up something to your liking at 
once and thus arouse interest in your work. 
I have always made my work a pleasure 
and a recreation, and never tire of it, there- 
fore I have accomplished many things in 
the business world. I was always ambi- 
tious to get ahead financially and accom- 
plish more in the business world, and at 
the same time assist my fellow man, when 
opportunity offered. 

Having short hours at the bank, I be- 
67 



AUTOBIOGRAPHY OF 0. P. FISHER 

came interested in various outside lines of 
business, viz., acting as examiner in four 
building and loan companies where I had 
stock, financing and managing the East 
End Baking Company, and financing and 
keeping the books of Harvey L. Reed, a 
merchant tailor at 390 Bond Street, also 
making investments. Two of my outside 
ventures were not successful on account of 
misplaced confidence in the parties con- 
cerned. 

A Mr. Fred Steiger, a moulder by trade 
being out of work during the business de- 
pression of 1893 was peddling bread, made 
at home by his wife. My wife and I liv- 
ing on Bell Avenue at the time, v/ere cus- 
tomers of his, as the bread was excellent. 
We sympathized with his condition and up- 
on investigation found he had many good 
customers. Having money to invest and 
being eager for more work, I made a prop- 
osition to set him up in business, calling at 
his home to talk things over with himself 
and wife. I wrote up a contract to furnish 
$500.00 cash as capital, to be used in build- 

68 



FIRST NAT'L BANK EXPERIENCE 

ing a portable steel oven, purchase a horse 
and wagon, and the supplies necessary to 
begin business, with the understanding 
that they were to do the work under my 
management and divide the profits equally. 

On Washington's birthday, February 
22nd, 1893, the bank being closed, I moved 
them and their two children into a store 
building, with suitable living rooms in the 
rear, on Quincy Street near Alanson. The 
oven being already in place in the rear 
room of the store. They seemed very 
grateful for what I had done and were hap- 
py for a time. But alas ! one cannot asso- 
ciate in business with people in a different 
state of thought and get along harm;onious- 
ly, unless they are willing to rise to a 
higher plane of thought and understand- 
ing. 

We did a large business and were very 
successful for several months, until idle 
gossip succeeded in poisoning the minds of 
these innocent, plain people, telling them I 
was using them for my benefit. They 
wished to divide the gross receipts daily, 

69 



AUTOBIOGRAPHY OF 0. P. FISHER 

never taking into consideration the ex- 
penses that had to be met first, and when 
I took the money to deposit in the bank, 
they thought it was all going into my 
pocket. 

They were having a much better living 
than formerly, but could not wait to di- 
vide the surplus after expenses were all 
paid, so becoming more dissatisfied as time 
went on and being influenced by their sup- 
posed friends, after fi.ve months, consult- 
ing a second-class lawyer, they ran off with 
the horse and wagon and sold them. As 
it was a partnership business I could not 
protect myself, but sold out what was left 
and closed up the business, sustaining a 
$300.00 loss. 

A business man was overheard, saying, 
it was an unfortunate affair, as the young 
man was honest in his intentions to help 
struggling humanity and would now lose 
all confidence in people. But it was not so 
in my case. I have always delighted in 
helping those less fortunate than I, at the 
same time helping myself financially if 
possible. So this little experience did not 

70 



GARFIELD BANK EXPERIENCE 

discourage me or cause me to lose faith in 
my fellow men, even if I did lose $300.00 
which was my first loss in a business ven- 
ture. I have made and lost thousands 
since, but never cry over "spilt milk" as I 
said before. Money has no value except as 
a medium of exchange and a means of help- 
ing the needy. It should not be made for 
the purpose of hoarding it or using it for 
selfish purposes, to the detriment of your 
fellow men. 

Some ten years after this incident, when 
I was speaking in a meeting, Mrs. Steiger 
was present, and remarked to a lady that 
she could not bear to hear me talk. This 
was proof of the bitter feeling she still 
held against me, without a cause. This 
life is a school of experience and we should 
not allow ourselves to be influenced against 
others, until we have thoroughly investi- 
gated the charges and proven them to be 
true. 

This family lost a fine opportunity to 
make a place for themselves in the business 
world, through lack of appreciation and the 
undue influence of so-called friends. I have 

71 



AUTOBIOGRAPHY OF 0. P. FISHER 

never learned whether they profited by 
their experience or not, I hold no ill feeling 
toward them,. I hope they have succeeded 
in life and would help them again if in 
need. 

DurinjB: the next two years as a "side 
line'' I dealt successfully in building and 
loan stocks and real estate. On October 
1st, 1895, I made my second venture in 
helping a business man who needed finan- 
cial assistance, and this again proved a case 
of misplaced confidence, my loss being 
much heavier than in the case above re- 
lated. A neighbor of mine, Mr. George W. 
Manlove, who was a friend of Mr. Harvey 
L. Reed, merchant tailor at 390 Bond 
Street, told me that Mr. Reed was in need 
of a loan of $2000.00 as his business was in- 
creasing very rapidly, and that he needed 
someone to keep his books for which ser- 
vice he would pay $25.00 per month. As I 
had securities with which to obtain credit 
for him at a bank and time after banking 
hours to keep his books, this offer appealed 
to me as a means of adding to nay income. 

When Mr. Manlove first made the propo- 
72 



FIRST NAT'L BANK EXPERIENCE 

sition, I was not aware that Mr. Reed's lia- 
bilities were such as I later found them to 
be upon making a thorough examination, 
but as his business at the time looked very 
prosperous I loaned him my securities to 
put up at a bank for a loan, taking as se- 
curity a chattel mortgage on his merchan- 
dise and store fixtures, keeping it off rec- 
ord as per agreement, in order that Mr. 
Reed's credit might not be impaired, taking 
assignment of his book accounts from time 
to time as additional security until col- 
lected. Upon opening a new set of books 
wherein were recorded all his liabilities, by 
January 1st when inventory was taken and 
the books closed I found him to be insol- 
vent by $800.00, figuring me as a creditor. 
This did not look very favorable for me, 
but I was in deep and had to make the best 
of it. I do not believe he realized his finan- 
cial condition when I loaned him my secur- 
ities, and I am sure Mr. Manlove did not, 
Mr. Reed was a fine, artistic tailor making 
men's custom-made clothing which was 
about all you could say in his favor, ex- 
cept that he had a pleasing personality, be- 

73 



AUTOBIOGRAPHY OF 0. P. FISHER 

ing a poor financier he did not know the 
value of a dollar. 

We all three met in Mr. Manlove's office 
to consider our future action in the matter. 
It seemed a pity to close him up with a 
good trade and prospects of continued in- 
crease, however had I known then that he 
was a man void of business principles and 
difficult to restrain in business methods. I 
would have closed him up at once and 
pocketed my loss. But on the advice of 
Mr. Manlove, who believed in his integrity, 
I agreed to finance him provided he was 
put on a certain drawing account for per- 
sonal expenses, and would turn the finan- 
cial management over to me giving me 
power of attorney to sign his name on all 
checks. To which he readily assented. I 
had the privilege of discounting his bills 
for the discount and taking his note with- 
out interest payable at due date of the bills. 
Inventory was taken and the books closed 
every six months, which showed a profit at 
each period. My discounting his bills made 
it so easy for him, that like many an- 
other business man, he overstocked. Three 

74 



FIRST NAT'L BANK EXPERIENCE 

years later I ceased to discount his bills. 

At the end of another year he made an 
assignment, giving me no chance to pro- 
tect myself by recording his chattel mort- 
gage which as before stated I kept off rec- 
ord on a gentlemens' agreement. At the 
time of his failure I was endorser on his 
notes at several banks to the amount of 
$5000.00, in addition to my original invest- 
ment of $2000.00. A small dividend of 3 
percent was paid on his indebtedness by 
his trustee in bankruptcy and later I paid 
the balance on his notes at the banks and 
lost my securities. 

The business world is not wholly made 
up of men of principle and w^hen they get 
into a tight place, they forget and misuse 
the friend who gave them a start. Mr. 
Reed was a very good tailor as I said be- 
fore and if in business today I would have 
him make me a suit of clothes, if I happen- 
ed in the city and needed one, but his lack 
of principle as shov/n in his failure to pro- 
tect one who had unfailingly supported 
him, would not help him to rise very high in 
the business world. 

75 



CHAPTER V. 
GARFIELD SAVINGS BANK 

EXPERIENCE 
Jan. 1, 1898 to June 25, 1900. 
Returning to my story, as receiving tel- 
ler I had held this position for three years 
making in all nine years service in the 
bank. Mr. John R. Geary, the former re- 
ceiving teller, who took the assistant cash- 
ier's position was ahead of me and seemed 
to be a fixture, which has proven the case 
as he is today, tvventy-three years later, 
holding the same position in the First Na- 
tional Bank, now consolidated with other 
banks. Seeing nothing ahead but a teller's 
position, I cast about to see what oppor- 
tunities there were elsewhere. 

At this time the directors of the Garfield 
Savings Bank were looking around for a 
secretary and treasurer, as their former 
treasurer was at the point of death with a 

76 



GARFIELD BANK EXPERIENCE 

supposed incurable disease which finally 
proved fatal. After having several inter- 
views with a committee, I was finally ac- 
cepted and elected secretary and treasurer 
at a salary of $1680.00 per year to take ef- 
fect January 1st, 1898. I resigned as re- 
ceiving teller and received a very nice letter 
from Mr. Wilson the cashier which is here- 
with reproduced. : 







Mr. 0, P. Fisher-, 

City. 
Dear Sir:- 



Dec. 31, 189fi. 



W© have your formal notice, imder date of Decemlber 
29tli, of your resignation as Reoetving Seller of this bank, t.j 
take effect this day, 

I take pleasure in saying that you have given satisfaction 
in- the various positions of trust and reepciiSitility in which 
you have served during the nine years of your stay with us. 

You have my test wishes for success in the new position 
irtiich has been offered to you. 

Yours truly, 

\v Vj/ Cashier ;^ 

77 



AUTOBIOGRAPHY OF 0. P. FISHER 

The Garfield Savings Bank at that time 
was a small bank of $50,000.00 capital, lo- 
cated in a frame building at Lake View. 
Its depositors were mostly from the Italian 
settlement. A small branch in Glenville w^as 
also under my management, being in 
charge of the assistant treasurer Mr. Har- 
ris Creech. I lived on Murray Hill a short 
distance from the bank. I remember as I 
entered the bank the first morning I said 
to myself, "Have I made a mistake in ac- 
cepting this position? Things looked so 
unlike the downtown business section to 
which I had been accustomed for nine 
years. This bank, together with the Glen- 
ville branch, had deposits amounting to 
$274,000.00. There were fifty stockholders 
and the stock was selling at $115.00 to 
$117.50 per share. 

Upon becoming better acquainted with 
my surroundings I saw a big opportunity 
ahead and decided to turn my surplus en- 
ergy loose and build up this little bank, ac- 
cordingly I bought stock wherever I could 
get it, avoiding loss of depositors from 

78 



GARFIELD BANK EXPERIENCE 

whom it was purchased. My first purchase 
was five shares at $117.50 per share March 
1st 1898. The stock was not in demand at 
that time as the bank was a small, unim- 
portant one on the outskirts of the city, 
later I purchased ten shares at $120.00 per 
share from one of the directors, a Mr. 
Clark D. Adams of East Cleveland, then 
five shares at $121.50 per share on April 
1st. 

By this time I had increased the deposits 
to some extent through new business and 
told the directors my business strength and 
influence had been exerted downtown and 
were I allowed to open up a branch in the 
Colonial Arcade, I could increase the de- 
posits very materially. They felt the en- 
ergy and push I was putting into my work 
and gave me permission to go ahead. I 
immediately secured a lease on the Pros- 
pect Street end of the Colonial Arcade then 
just completed and let the contract for the 
fixtures. By this time the "Garfield" be- 
gan to get into the "lime light" and the 
stock was in demand. 

79 



'AUTOBIOGRAPHY OP 0. P. FISHER 

My next purchase was ten shares at 
$126.00 per share, on September 1st. I 
would have purchased more could I have 
gotten it on the open market, but as the 
sales were made by private parties, it was 
hard to obtain. I then had thirty shares 
and stood fourth largest as to holdings 
among fifty stock holders, I felt I was now 
on the inside and with the new downtown 
branch, I had high hopes of building up a 
large institution, but nay verily, old"green- 
eyed jealousy'' got busy again and as I was 
not at that early date a student of psychol- 
ogy, as I have been for many years since, 
nor had I control of myself mentally and 
physically as I have today, I resented and 
for a time allowed it to depress me. 

The president, Mr. H. Clark Ford, was 
an attorney, but followed the investment 
business, the bank was his pet. It crept 
along slowly from the time of its incep- 
tion until the downtown branch was 
opened, then the deposits began to pile up 
and the saying went around, "See how the 
Garfield is growing since Mr. Fisher has 

80 



GARFIELD BANK EXPERIENCE 

taken hold of it." This was too much for 
Mr. Ford and instead of his complimenting 
and encouraging me, as any big and broad- 
minded man would have done in the case 
of a young man of thirty years, with the 
ambition to make a place for himself in the 
business world, he watched every opportun- 
ity to take the heart out of me and inform- 
ed me that I must work for him in the way 
he wished. He did not value initiative and 
executive ability, but wished me to bring 
in deposits and keep quiet. 

I had joined lodges and clubs at my own 
expense to increase my acquaintance, as a 
means of getting business for the bank, all 
on a salary of $1680.00 the first year with 
additional earnings of $200.50 from the in- 
surance firm of "Fisher, Creech and Os- 
wald," which handled insurance for the 
bank. Mr. T. Spencer Knight and Mr. 
Clark D. Adams were appointed a commit- 
tee to recommend salaries for the coming 
year and knowing what I had accomplished 
during the year, recommended a salary of 
$2400.00 for me for 1899. At the stock 

81 



AUTOBIOGRAPHY OF 0. P. FISHER 

holders meeting the following January, Mr. 
Adams, knowing that I was fourth on the 
Hst of stockholders, proposed my name as 
a director, but Mr. Ford, holding the ma- 
jority of the proxies, said, "No, if any offi- 
cer is made a director it should be Mr. 
Creech the assistant treasurer," then a 
very young man holding three shares of 
stock. His only reason was that Mr. 
Creech was an older employee. Suffice it 
to say I was not elected a director. As 
secretary I attended the directors' meeting 
to take the minutes and when the commit- 
tee passed in their recommendation for sal- 
ary increase, Mr. Ford observing that mine 
v/as put at $2400.00 cut it down to $2000.00, 
as he was the "Kaiser" of the meeting and 
his word was law, regardless of what the 
directors thought about it. I told him I 
had spent a lot of money during the year 
joining the Chamber of Commerce, lodges 
and clubs to get business, but he thought 
that unnecessary. This might almost have 
made a "Bolshevik" of me, had there been 
such a thing in those days. My wife had 

82 



GARFIELD BANK EXPERIENCE 

been sick for some time and I was com- 
pelled to send her to Florida for the winter 
being under a very heavy expense, as I 
then had four young daughters to support, 
I told him under the circumstances I would 
be compelled to sell my stock in the bank. 
He said, "How much do you ask for it?'' 
and I replied, "$135.00 per share" and he 
took it off my hands, but instead of paying 
for it himself he carried it as an invest- 
ment for the bank. 

My first encounter with Mr. Ford came 
about in this wise: The former secretary 
and treasurer, who had been a very close 
friend of Mr. Ford's had no banking exper- 
ience when he v/as elected secretary and 
treasurer at the organization of the bank a 
few years before, having previously been 
in the real estate business. The bank dur- 
ing his administration m.ade a great many 
construction loans. It was the custom, af- 
ter the loan had been approved by the dir- 
ectors and mortgage signed and recorded, 
to transfer the money to the treasurer's 
trustee account to be paid out as the build- 

83 



AUTOBIOGRAPHY OF 0. P. FISHER 

ing advanced, as a consequence he had a 
fund of many thousands of dollars on hand, 
waiting to be paid out when called upon by 
the contractor. The bank, at the same 
time, was receiving interest on this amount 
from the. parties signing the mortgages. 
The treasurer seeing an opportunity to 
make a little money "on the side," went in- 
to business for himself, loaning this 
money out to his friends on notes until it 
was called for, keeping another set of 
books for his own record. When I became 
treasurer we made fewer building loans, 
and as the contractors were finishing their 
building, they called upon the bank for the 
balance of the money due on the con- 
struction loans, but the trustee account 
had been depleted by the former treas- 
urer's manipulations of the funds, there 
was no money in the fund to pay the con- 
tractors. Being somewhat of an account- 
ant, I was urged by the Finance Commit- 
tee Mr. J. W. Stewart, Mr. J. M. O^Dell, and 
Mr. Richardson, to make an examination 
which disclosed a bad state of affairs, this 

84 



GARFIELD BANK EXPERIENCE 

reflected upon Mr. Ford and I incurred his 
ill will from that time on. The accounts in 
the insurance department were in very bad 
shape. I immediately installed a new sys- 
tem and made frequent and satisfactory re- 
ports to the directors. My headquarters 
were at the downtown branch, and I made 
periodical inspection trips to the branch 
offices in Lake View and Glenville. Prior to 
this annual meeting, and just after opening 
up this new branch, I was working night 
and day among my friends to get deposits 
for the bank. I made friends when receiv- 
ing and paying teller at the First National 
Bank, by being prompt and obliging at the 
window. Therefore many depositors from 
the First National followed me and opened 
their accounts in the Garfield. Young man 
are you a bank teller or have you a posi- 
tion serving the public? If so, be obliging 
and attentive, it will serve you well, some 
day you will be noticed by some business 
man, and when in need of some one for a 
higher position he will likely rem.ember 
you. About this time I secured a good 

85 



AUTOBIOGRAPHY OF 0. P. FISHER 

commercial account carrying an average 
balance of $2000.00. At times this firm need- 
ed a small line of credit amounting to 
$1500.00, presenting a financial statement 
v/hich showed they were worthy of the 
credit. When I presented this to the fi- 
nance committee, Mr. Ford objected to 
making the loan. Having no desire to help 
firms who were his depositors, as he was 
more of an investor than a commercial 
banker. 

Shortly after this incident Mr. I. B. Hel- 
ler introduced to me a man by the name of 
Mr. H. D. Squires, who had recently come 
from Pittsburg, Pennsylvania, and was 
selling on chattel mortgage payment plan, 
new and second hand buggies and wagons 
on Boliver Street under the name of "The 
Columbus Buggy and Wagon Agency." I 
presented this account to the finance com- 
mittee and they agreed to take it and dis- 
count their chattel mortgage paper at 15 to 
20 percent, which high rate im.pressed Mr. 
Ford much more favorably than the regu- 
lar rate which he refused in discounting 

86 



GARFIELD BANK EXPERIENCE 

commercial paper to accommodate the other 
firm. By this time the banks' deposits had 
more than doubled. In December the car- 
riage and wagon business was light, there- 
fore they did not have many chattel mort- 
gages to offer for discount, while the pay- 
ments on those we had already discounted 
had been paid promptly when due, for sev- 
eral months, a good many at this time be- 
came past due, and notices to the makers 
did not bring any response, some notices 
being returned. I inquired of Mr. Squires 
about this, but he stoutly declared the cus- 
tomers were all right and brought in 
money to pay for several of the delinquent 
ones, giving plausible excuses for their fail- 
ure to pay. This seemed satisfactory to me 
for awhile, but as more became past due, 
my suspicion v/as aroused and I question- 
ed him closely regarding the matter. He 
took me around in his buggy ostensibly to 
visit the people whose payments were delin- 
quent, we soon found vacant lots where he 
had given addresses, when seeing he was 
cornered he confessed, saying in order to 

87 



AUTOBIOGRAPHY OF 0. P. FISHER 

tide himself over the winter, he had made 
up mortgages on vehicles not yet sold and 
had given different parties who happened 
to pass by in that neighborhood 25 cents or 
a cigar to sign them, after which he 
brought them to the bank for discount, 
keeping account of the payments when 
they fell due and paying them with other 
bogus mortgages discounted. A very in- 
genious, clever schem.e to obtain money, 
but not wholly criminal, as the paper was 
secured by stock on hand, with no intention 
of defrauding, but the best laid plans of 
mice and men "gang aft agley." He seem- 
ed very humble and worked on my sym- 
pathy, asking me with tears in his eyes to 
come up to his apartment and see his wife 
and baby and talk matters over. He was a 
born actor, had much ability as a salesman, 
but was of the mesmeric type, as he later 
bragged that he could make a man believe 
black was white. I was in a quandry as to 
what was the best thing to do under the 
circumstances, I knew if I reported the 
matter to Mr. Ford, he, with his cold blood- 

88 



GARFIELD BANK EXPERIENCE 

ed methods, would have sent him "over the 
road/' the bank making a loss, if the ve- 
hicles on hand did not sell for the amount 
of the mortgage, as we then had $1500.00 
worth of his "bogus" paper discounted, the 
young man's business career would have 
been wrecked and his innocent wife and 
baby caused untold agony and suspense. 
He pleaded with me, to help him out of 
his trouble, declaring he had meant no 
wrong, and saying there was good money 
in the business if he could just get the capi- 
tal to handle it. He promised to give me 
one-third of the gross profit on each sale if 
I v/ould furnish money to purchase ve- 
hicles, at the same time returning my prin- 
cipal for each purchase, and he would keep 
the two-thirds figuring that one-third 
would take care of the expenses, leaving 
him as much profit for his services as I re- 
ceived for furnishing the capital. I was 
ambitious to make more money on the side 
as my treasurer's salary of $1680.00, just 
about took care of my living expenses, ac- 
cordingly I accepted his proposition, know- 

89 



AUTOBIOGRAPHY OF 0. P. FISHER 

ing that the bank would be benefitted by the 
discounting of the chattel mortgage paper 
at high discount rates. With this arrange- 
ment I would practically have charge of his 
business and know every transaction, there 
fore I felt the bank would be safe in carry- 
ing this bogus paper until legitimate sales 
vv^ere made and the paper replaced with 
"genuine" chattel mortgages. This was fin- 
ally done and I remember Mr. Squires was 
noticeably relieved when the last bogus 
note was taken up. 

The bank lost no money and made large 
earnings on the discounts. So I felt justi- 
fied in the course I had taken. But alas! 
you have heard the old story of the man 
who put a frozen rattlesnake in his bosom 
to thaw out and when it came to life it bit 
him. This v/as my case later on. It is a 
question sometimes how far we should go 
in helping our brothers out of trouble. But 
when they turn and "doublecross" us, as is 
often the case, we have the satisfaction of 
knowing we did them a good turn even if 
not appreciated. The money I gave Mr. 

90 



GARFIELD BANK EXPERIENCE 

Squires to purchase vehicles for sale, was 
my own, the bank discounting the paper. 

The next year, 1899, he did a good busi- 
ness and we both made money. At the 
same time I was working hard to build up 
the bank and succeeded in increasing the 
deposits to a large extent. But at the dir- 
ectors' meeting the following January, 
1900, the increase I received in salary v/as 
the last "straw that broke the camel's 
back," as I was advanced from $2000.00 a 
year to $2100.00 a very "niggardly" in- 
crease, to say the least. It was certainly 
very "generous" of Mr. Ford, I felt like 
passing it back and saying I did not need 
it, but I kept it for a little "pocket change." 
The previous year I had made $7208.55 
outside of my bank salary of $2000.00 a 
year, after estimating losses on securities 
and investments of $2000.00. 

During the next six months Mr. Ford 
and I did not agree on the business man- 
agement of the bank. Finally things came 
to such a pass that he declared one of us 
must resign. At this time the bank was 

91 



AUTOBIOGRAPHY OF 0. P. FISHER 

carrying $15,000.00 in chattel mortgages 
secured by buggies and wagons sold, which 
was all "good" paper payable in install- 
ments. This included the Squires Carriage 
Company who had bought out the J. 0. 
Greene Carriage Company on Huron 
Street. Competitors of the Carriage Com- 
pany jealous of Mr. Squires' apparent suc- 
cess through his financial backing, hearing 
of the bogus notes he had discounted at 
the bank two years beforehand, evidently 
circulated the story that the Garfield bank 
had $15,000.00 in bogus paper, accordingly 
Mr. J. W. Stewart, one of the finance com- 
mittee, came to the bank on June 25th, 
1900, and in an excited manner exclaimed, 
"We are going to lose $15,000.00." 
I said, "Nothing of the kind, everything 
I have discounted is good and the bank will 
receive dollar for dollar, when the paper 
matures." But he was so sure the story 
was correct, I could not explain the matter 
or reason with him. He telephoned to one 
of the other branches for Mr. Creech the 
assistant treasurer to come down, called 

92 



GARFIELD BANK EXPERIENCE 

in Mr, T. Spencer Knight, one of the dir- 
ectors and insisted upon my resignation, 
which I promptly offered. This was a 
great relief to Mr. Stewart who having 
feared that I would make trouble for them, 
now patted me on the back and said, "Fish- 
er I am proud of you, you are a fine fellow." 
He was one of my best supporters, until 
he found that Mr. Ford and I were not 
congenial, as we were both aggresive and 
disagreed in business methods. But decid- 
ed it was not policy to oppose him. He was 
interested in young men and admired me 
for the energy shown in securing nevN^ ac 
counts for the bank, but was influenced by 
false reports from outside, causing him to 
act in an excited manner, instead of com- 
ing and taking up matters with me in a 
cool deliberate way, which would have been 
a more business-like procedure. 
The following is a copy of Mr. Stewart's 
and Mr. Knight's letter accepting my res- 
ignation, which speaks for itself. 



93 



AUTOBIOGRAPHY OF 0. P. FISHER 



tBIIjr (Sarfidii Sauin^e Wnnk (Ho. 



121 Prospect St Colonial Arcade 



Cleveland, D. June, zbth, 1900. 

Mr, 0. P. Pisher, 

Dear Sir:- 

We hereby accept your resignation as tendered 
to us, and we desire to say in this connection, that we recognize 
the energy and efforts that you have put forth to make this bank 
prosperous during the two and one-half years that you have been 
with us. 

The location of the branch on Prospect Street, which you 
have been more intimately connected, was on your suggestion, and 
this branch has prosp6r^ed beyond the expectations of many of the 
Directors, 

'vVe realize that your outside interests have been growing of 
late and absorbing your attention, and as you state to us they 
have been very prosperous, and we suppose that this prosperity 
has come through your systematic and financial management. 

We shall be pleased to have the branch of business with 
which you have been connected in the carriage company, continue 
to do business with our bank, and if the investigation of this 
business shall prove that it is as profitable and substantial as 
you have stated, and as Mr. Odell, one of our Directors, reports, 
we shall be glad to continue to receive their paper and grant 
them a line of credit to the full extent to which they are en- 
titled, and we shall be pleased to have you look after the dis- 
counts, as you stated that you would, that we already have with 
this concern, the collecting of chattel mortgages as they fall 
due, as we realize that no one Is so familiar with it as you 
yourself. As you have stated to us that you waive any compensa- 
tion in the matter, we say on the other hand, that we shall 
certainly be liberal in paying you a compensation for it, 

V/e recognize, as you have stated, that a large portion of 
the deposits at the Prospect Street Branch, have come through 
youx personal solicitation and efforts and through your personal 
friends, and we desire the^e deposits to continue with us, which 
no doubt they will do, 

V?e trust we shall have your continued co-operation in the 
future activity of the bank, and that you will be successful In 
the new enterprise with which you expect to connect yourself. 

Very truly yours. 



-^O^/^i-^^ 




94 



GARFIELD BANK EXPERIENCE 

Mr. Ford, being at this time in a criti- 
cal condition, was leaving the city to re- 
gain his health. Mr. Creech then appeared 
on the scene and hearing that I had denied 
Mr. Stewart's statement regarding the con- 
dition of the bank, made the remark to Mr. 
Possons, the cashier, as he told me, that I 
was either crazy or worth a lot of money. 
During the two and one-half years I was 
secretary and treasurer of the bank, the 
deposits increased from $274,000.00 to 
$1,000,000.00 and the stock from $115.00 to 
$150.00 per share. I was the man that 
gave the Garfield bank its start, for had I 
not proposed the downtown branch, which 
Mr. Stewart and Mr. Knight acknowledged 
was upon my suggestion and prospered be- 
yond the expectation of many of the dir- 
ectors, it might still have been a small bank 
on the outskirts of the city like the West 
Cleveland Banking Company and some oth- 
ers, instead of having deposits of $17,000,- 
000.00 as it has today. You do not always 
get credit for honest effort, and when you 
lift up your head there are plenty who try 
to knock it down, but you have the satis- 

95 



AUTOBIOGRAPHY OF 0. P. FISHER 

faction of knowing you cannot be kept 
down as "every knock is a boost." The 
giving up of the bank position did not mean 
much to me, as my little $2100.00 a year 
salary so "generously" given to me by Mr. 
Ford for my hard work and the personal 
expenses I incurred in building up the 
bank, was only about one-fourth of what 
I was making outside. 

Upon leaving the bank I took a desk in 
the Carriage and Wagon Company's office 
and gave more attention to its financial 
management, it was now midsummer and 
as business was somewhat quiet, we held 
an auction for a week, taking in several 
thousand dollars which we deposited at the 
Garfield, as Mr. Stewart and Mr. Knight 
had said they would like to have the ac- 
count continue with them. It had barely 
been deposited in the bank when it was 
grabbed and held, to meet the notes then 
not due and all our outstanding checks 
were returned unpaid, showing the bad 
faith of Mr. Stewart and Mr. Knight, who 
were still possessed by the idea that some- 

96 



GARFIELD BANK EXPERIENCE 

thing was wrong. We managed to pull 
through and let them have the money to 
satisfy them until the notes became due 
and were paid. They finally had an ex- 
amination made of the bank by an expert 
public accountant, Mr. Horn, who found 
everything all right, but charged m.e inter- 
est on some past due items and other small 
matters, giving me no credit for the many 
thousands of dollars in discounts which I 
had earned the bank the past two and a 
half years on this chattel mortgage paper, 
over and above the legal bank discount 
rate. It was the best paying account the 
bank ever had and never lost them a dollar, 
this I could prove if allowed to make an an- 
alysis of the old discount books from Sep- 
tember 1, 1898 to June 25, 1900. 

Mr. Odell, one of the finance committee, 
a very nice old gentleman, was used by Mr. 
Ford in doing errands for the bank, not 
having nerve to collect from me through 
a regular attorney the amount they consid- 
ered I owed the bank, also well knov/ing 
they had no l6gal claim, they sent poor old 

97 



AUTOBIOGRAPHY OF 0. P. FISHER 

Mr. Odell down to the Carriage Co. one 
day with the bill, which included the expert 
accountant's fees, in all a few hundred dol- 
lars. Just think of the nerve of Mr. Ford, 
I had not requested an examination and 
was not responsible for it. It was too 
ridiculous on the face of it and Mr. Odell 
practically assented to it, as at heart he 
sympathized with me. He went back with- 
out collecting the bill, and I never heard 
from it again. Mr. H. Clark Ford 
was "money-mad," money seemed to be his 
god, though he posed as a good deacon in 
the Euclid Avenue Congregational Church, 
his pew being directly in front of mine. 
Some years later he passed away to his re- 
ward, and left, I was told, an estate valued 
at $3,000,000.00. I hope he is enjoying life 
even if deprived of the pleasure of making 
money. It is honorable and enjoyable to 
make money, but when it is done at the ex- 
pense of your fellow men it is a curse and 
becomes a burden which breaks the men- 
tality and destroys the physical being, 
while in the end the money is often left for 

98 



GARFIELD BANK EXPERIENCE 

mercenary heirs to quarrel over. I might 
have played more into the hands of this 
man, as did my assistant Mr. Creech and 
today have been the president of a bank 
with $17,000,000.00 deposits, but that 
would have been a narrow life for me and 
I have no regrets, as I have seen much 
more of the world since and gathered val- 
uable experience, which would not have 
been mine as a bank president. 

I congratulate Mr. Creech on what he 
has accomplished, with the assistance of his 
board of directors in building up the Gar- 
field to the size it is today. Had I been a 
sticker on the one job like himself, he might 
not have had the opportunity. However I 
wish him success and prosperity for the 
Garfield. Some of these days I will send 
him a nice big deposit to open an account, 
also buy back my 30 shares of stock, as a 
matter of sentiment, no doubt paying maich 
more per share than when I sold it to Mr. 
Ford, 23 years ago. 

Through closer association with Mr. 
Squires, I found he was not a man of good 

99 



AUTOBIOGRAPHY OF 0. P. FISHER 

business principles, the deception used in 
the bogus notes again showing in other 
ways, for instance, I caught him tying 
the old J. 0. Greene sales tags on cheap 
vehicles which he had bought, then selling 
them to the public as the old J. 0. Greeners 
stock, which had a good name as he dealt 
in very high grade vehicles. He turned out 
to be a plunger, buying more stock than 
the sales warranted. Business was very 
poor through the following winter, so con- 
tinued in the spring and by the middle of 
May Mr. Squires was compelled to go into 
bankruptcy. Up to that time I had loaned 
him $13,000.00 including my third of the 
gross profits which I had not drawn out, 
living on other money since I left the bank, 
Mr. Reed also had made an assignment in 
January, causing me a loss of $7000.00. 
This left me penniless with no capital but 
my experience. My credit was gone for the 
time, and on the 16th of May that year our 
fifth baby girl was born, the four older 
girls being under ten years of age. 
In addition to all this, idle gossip was 
100 



GARFIELD BANK EXPERIENCE 

still accusing me falsely on account of the 
bank trouble, although these gossips well 
knew the man I had been associated with in 
the bank, as some of them had had experi- 
ence with him in business deals. At this 
time I learned that Mr. Reed, in order to 
square himself with the people from whom 
he purchased goods, and so obtain credit to 
start up in business again, circulated the 
report that I had robbed him, when in real- 
ity I lost by him more than I made in dis- 
counts and salary combined. I heard also 
that Mr. Squires circulated the report that 
he had gotten a banker in with him who 
had "fleeced" him, when in fact there was 
nothing to fleece as he had no money, run- 
ning his business with mine and the credi- 
tor's^ money. But such is life and I always 
believe in making the best of every circum- 
stance, allowing nothing to overcome you. 
But the thing I regretted most, was, the 
false rumors about me which hurt mxy 
standing for the time being in the financial 
circle, where I stood ace high before, for 
instance when paying off a loan of $16,- 

101 



AUTOBIOGRAPHY OF 0. P. FISHER 

000.00, at the Savings and Trust Company 
Mr. Luty the Vice-President said to me, 
"Come in often, we like to loan and do 
business with you.'' When credit is once 
lost it is hard to regain, however I took 
my medicine, eating "humble pie" and went 
out to make a new start in my thirty- 
fourth year, twenty years from the time I 
started in business carrying coal at 18 cents 
per week. 

While connected with the First National 
and Garfield Banks I kept an accurate ac- 
count of every penny I made and expenses 
making it, outside of my bank salary, and 
balanced my books each year, showing my 
net earnings which I herewith tabulate. 
1893 Net Earnings $ 14.63 



1894 


U 


u 


192.34 


1895 


(( 


a 


218.83 


1896 


iC 


a 


600.96 


1897 


i( 


i( 


1,240.99 


1898 


a 


a 


1,869.96 


1899 


u 


u 


7,208.55 


1900 


u 


it 

Total 


8,653.74 




$20,000.00 






102 





GARFIELD BANK EXPERIENCE 

1901 in January and in May through loss 
by Mr. Reed and Mr. Squires I passed 
the $20,000.00 on to the "other, fellow'^ to 
try his luck at the game. 

At the time Mr. Squires was forced into 
bankruptcy, I was furnishing him money to 
purchase vehicles, receiving a share of the 
gross profits when sold, but had no part- 
nership agreement, however on account of 
a technicality in the law I was held as a 
partner, being requested to file a bankrupt- 
cy petition releasing me from all obliga- 
tions, which v/as against my principles, 
but I was compelled to submit to same 
against my will. I called upon Mr. Alfred 
Clum an attorney friend of mine for some 
legal advice about making out my papers, 
he replied, "Yes, my services are for sale.'' 
It took me by surprise for a minute, as I 
did not expect it to be given without a fee, 
but evidently, from his remark, he wished 
to notify me beforehand that he would ex- 
pect one. How easily mortals forget a 
favor, having no desire to return it when 
the opportunity occurs. 

Ten years previous to this time when I 
103 



AUTOBIOGRAPHY OF 0. P. FISHER 

was teller in the First National Bank, he 
was a struggling attorney, changing from 
one partnership to another picking up what 
he could get, as he once said to me he 
would take the crumbs from under the ta- 
ble. In settling an estate, $17,000.00 came 
into his hands which I induced him to de- 
posit at the bank, it was not the custom to 
pay interest on commercial accounts, but 
as this was to be left in the bank for some 
little time, I went to the cashier, Mr. Wil- 
son, and asked him if I could figure Mr. 
Glum interest on this balance, to which he 
consented. This interest amounted to 
quite a little sum, which Mr. Glum received, 
as he did not have to turn it over to the 
estate, the bank giving it to him as a favor. 
As checks were returned by banks marked 
"not sufficient funds'' they came to me for 
protesting. In turn I gave a number of 
them to Mr. Glum to protest for which he 
received a fee of $1.00 each, this went on 
for six years while I was teller, and many 
years after, amounting to several thousand 
dollars, it was to him like finding money, in 

104 



GARFIELD BANK EXPERIENCE 

addition to his regular law fees. At an- 
other time I turned over to him $2500.00 
in notes for collection for which he charged 
10 percent realizing $250.00. He took this 
all for granted and though knowing I was 
"down and out/' as far as finances were 
concerned, charged me $25.00 for drawing 
up the papers, taking about an hour of his 
"very valuable" time. This I had to pay 
out of my salary of $125.00 per month, 
which was paid me for the first work I 
secured after leaving the Squires Carriage 
Company. While the little $25.00 fee would 
be a small item to me today, it was quite a 
big item at that time. As I stated before I 
did not expect his services without a fee but 
it certainly would have been a Christian act 
at that time and under the circumstances, 
to have said, "You do not owe me one cent, 
you have paid me long ago many thousand 
times over." He was a good church man, 
hut had forgotten the lessons taught there, 
or at least did not put the Good Book's 
teaching into practice. 



105 



CHAPTER VI. 
MAKING A NEW START IN BUSINESS 

After filing my papers as requested by 
the bankruptcy court, leaving the rest to 
be handled by the referee in bankruptcy, 
I began to look about for employment by 
which to support my wife and five daugh- 
ters. Mr. Grant T. Whittlesey, an old 
friend of mine had started in the wholesale 
and retail optical business a few years be- 
fore. Mr. H. Clark Ford endorsing his 
note for $6500.00, charging him 10 percent 
a year premium for endorsing, in addition 
to the 7 percent interest charge made by 
the bank. He felt very kindly toward me, 
on account of my borrowing $1500.00 for 
him, from a country bank when I was 
treasurer of the Garfield. He asked me to 
come and take charge of his accounts and 
finances, offering me $125.00 per month at 
the start. This was a small salary, but as 
I needed bread and butter for my family, 

106 



NEW START IN BUSINESS 

I accepted, thankful to be again employed. 
It was somewhat humiliating, having held 
an official position in a bank, to have my 
friends come in and find me posting books, 
but I pocketed my pride and went ahead. 
In a few months Mr. Whittlesey employed 
a young lady to keep the books, relieving 
me of the detail work, giving me more time 
for financing and assisting in the manage- 
ment of the business. 

In January of 1902 he made me treasurer 
of the company, raising my salary to 
$2000.00 per year. He had $14,000.00 
worth of treasury stock on hand which he 
offered to me for $10,000.00, as by this time 
he was released from the 10 percent premi- 
um he was paying Mr. Ford for his en- 
dorsement and was carrying his account 
and loan at the Commercial National Bank 
on his financial statement, paying 10 per- 
cent dividend on his stock. This I knew to 
be a very generous offer but had no money 
ahead to buy the stock, so putting my wits 
together, I made him a proposition to give 
my note for $10,000.00 at 6 percent with 

107 



AUTOBIOGRAPHY OF 0. P. FISHER 

the stock as security allowing him to hold 
same until the note was paid, this would 
earn me $800.00 a year in dividends after 
paying interest on my note, increasing my 
income to $2800.00 per year, and in turn for 
this favor I agreed to negotiate a loan of 
$10,000.00 at 6 percent for him at a bank, 
on his financial statement. I laid my plan, 
as outlined above, before Mr. H. C. Ellison, 
vice-president of the State National Bank. 
He took the matter before his directors and 
told me they would make the loan to help 
me get on my feet again financially, as he 
was acquainted with Mr. Ford's business 
methods and did not think I had gotten a 
square deal at the bank. I was very grate- 
ful to him and gave him part of our bank 
account. 

Mr. Whittlesey was a salesman and opti- 
cian, but 'kne\Y no more about finances and 
accounting than a school boy and moreover 
did not wish to know. He was on "Easy 
Street" when I obtained for him the $10,- 
000.00 loan and like Mr. Reed and Mr. 
Squires, started to increase his stock, say- 

108 



NEW START IN BUSINESS 

ing he had to have it to fill orders. He 
made big profit in his retail and doctors' 
prescriptions, but I could see he was losing 
money on his wholesale business. On fig- 
uring up his salesman's expenses and sal- 
ary on the road, the amount of goods sold 
and cost, I found he was selling at a loss. 
I presented my figures to Mr. Whittlesey, 
whereupon he grew angry and said, "Don't 
show me any more statements, wait until 
the last of the year and average up." 

Things ran along until the latter part of 
1902, he was doing a good business, but in- 
creasing his stock continually, and as I had 
had a like experience with two others, 
knowing the result, I suggested that he get 
someone at a smaller salary to look after 
his finances and accounts and I would sell 
out my stock and pay my note. He objected 
to this plan, as he was depending on me to 
borrov7 money for him v/hen short to dis- 
count his bills, which was compulsory in 
the optical line in order to have goods 
shipped the following month. Mr. Whittle- 
sey had a doctor friend who had been wish- 

109 



AUTOBIOGRAPHY OF 0. P. FISHER 

ing to purchase stock in the company, so 
I suggested to him that I sell the doctor my 
stock and pay my note, which would make 
him easier financially. This time he readily 
assented to the plan, the doctor took 
$5000.00 worth of the stock and a friend of 
his $5000.00 worth. As it was paying me 10 
percent I felt it was worth par and sold it 
at that price. 

I presented their checks for the $10,000,00 
at the State National Bank, explaining the 
transaction to Mr. Ellison and showing him 
that the firm was $10,000.00 stronger fi- 
nancially than when carrying my note, he 
agreed to continue carrying the $10,000.00 
loan which they had made at the beginning 
of the year, allowing this $10,000.00 to be 
used in the business, liquidating the current 
bills. I then had $4000.00 worth of stock 
all velvet and the company fairly well fi- 
nanced. Knowing that my services could 
be dispensed with, as I had the lady book- 
keeper well trained for her work and that 
an optician at Elyria, Ohio, wished to con- 
nect with the company, having some money 

110 



NEW START IN BUSINESS 

to invest. I interested him in buying my 
stock. He offered me $3500.00 cash for it 
which I accepted and resigned as treasur- 
er. This was the largest amount of money 
I had possessed for some time. With the 
little money I was able to save, I had been 
making payments on Mr. Reed's notes at 
the banks and now wished to relieve my 
mind of this burden, although I knew the 
banks could not force payment. 

The following are copies of letters from 
some of the banks to which I paid balance 
due on notes. 



SML^ii-rii-x-u..™. ^,<^l^2^ li^diT^^^^^ 




EJ«£5~.-., 


"' ^^^^ ^^^^^^^^^l^ffirosi! ^tj{^ 


1 




'^^ C^^^^^S 


1. 


January, 21st, 1903 


Mr, 0. P. Pishor, 




C/o Wliiftlesey Optical Co., 




My dear lir. Flsh«r:- -d-'ty* 







.,_^ ^ ^ I aokntmledgo herevAth, receipt of clieot for 
fl74,06, telng the balance due wltH Interest on note of $410.00, 
which we discounted for Harvey L. Reed, merchant tailor, which 
note was indorsed ty yourself. 

After this, Mr, Reed made an assignment and went into 
baniruptcy, the estate paying us about 3 percent of the note; 
consequently, we were obliged to look to you as the endorser. 

I am pleased to say that, although you had met with busi- 
ness roTerses you kept renewing the said note from time to time 
reducing it as you could, and your oheok today cleans the matter 
up. 

We thank you most sincerely, for your manliness In this 
matter, which many men would have avoided, 

fflehlng you success which suoh conduct merits, I am. 



Very truly yours. 

Cashier. 



111 



AUTOBIOGRAPHY OF 0. P. FISHER 



M.C. ELLISON. Victl 

H.R.SANBORN. 

8.* BHUC5. 



Mr, 0. P. Pislier, 



January, 15tli, 1903, 



C/oWhlttlesey Optical Co, 
City, 



Dear Sir:- 

Wo desire to acknowledge receipt of your check for 
$249,00, being the final payment on note of $530,00 .which we 
discounted for Harvey 1. Reed, merchant tailor, 390 Bond Street, 
which note was endorsed hy you. 

As LIr, Eeed made an assignment in 1901 and euhsequently 
went through hainkruptoy, paying a very small fraction of his 
indehtedness to us, we of course, looked to you as endorser, 
'Vhile you, at ahout the same time also suffered heavy losses, and 
from all reports lost what money you had, yet you cheerfully 
assumed the ohligatlon, and your check to-day Is in final settle- 
ment in full, of the same. 

Once more thanking you for liquidating the obligation, 
and with beet wishes for the future, I remain. 



Respectfully, 



lllllO;^^ 



OR li W KITChCN. P>n.d«nt 
FCROJNAN O STRAUSS , V.c» Pn%<t 
S K BARSTOW.V.c. Pr,„il.r.l 
JOHN JAST€R.>.».v^.. 




CLEVELAND.OHio. February, 3rd, 1903. 



Mr. 0, P. Fisher, 

217 Schofield Bldg,, 
City, 
Dear Sir:- 

Your check for note of $35.00 was this day received, 
and I am pleased to enclose you herewith the note properly 
cancelled. 

At the time Mr, Reed had his financial troubles and 
upon whose note we advanced you money, there was owing, us th« 
sum of $475,00, of which the above is the final payment. 

You are entitled to our congratulations for your 
efforts and the suocessful oulmination of the payment of this 
indebtedness. 

We knew of yoiir loss at the time, and had entire 
confidence in your ability to meet the same, provided you 
were given the opportunity, and you have proven that you are 
worthy of credit. 



112 



Yours respectfully, 
/VVV Treasurtr 



NEW START IN BUSINESS 

At that time Mr. Gay S. Clampitt, who 
had been a salesman with the Squires Car- 
riage Company, and Mr. P. J. Brown, a 
blacksmith, had incorporated the BROC 
Carriage and Wagon Company and were 
building custom-made wagons on the West 
side. Mr. Clampitt called upon me and 
said the president of the company, who was 
giving no time to the business, wished to 
sell his stock amounting to $4000.00 and he 
thought he could get it for $1000.00 cash. 
I went over and investigated their business 
and found they were making money, so 
purchased the stock and was elected presi- 
dent of the company, drawing no salary as 
I gave no time to the business, except tak- 
ing off the trial balance each month. They 
needed some financing to^ increase their 
business and offered me $2000.00 treasury 
stock if I would negotiate a loan for them, 
I obtained a loan of $1700.00 on my indorse- 
ment from an individual and later another 
for $3000.00 on their financial statement at 
the Commercial National Bank. This put 
the company on '*Easy Street." As our 

113 



AUTOBIOGRAPHY OF 0. P. FISHER 

capital was small and the percent of earn- 
ings to capital large, we paid a 20 percent 
dividend the first year which paid back my 
original investment and $200.00 as well. 

In January, 1903, I conceived the idea of 
incorporating the United States Bond and 
Stock Company, to deal in bonds and stocks 
on the New York Stock Exchange, as I had 
had some experience in the investment line. 
I opened an office in the Schofield Building 
and called upon my business associates, sell- 
ing shares of stock to the amount of $7000.00 
in amounts from $10.00 up to $1000.00. 
Having at that time little wisdom and ex- 
perience in that line, I overtraded, buying 
on the margin like thousands of others have 
done and in the falling market the fore- 
part of that year, being unable to protect 
my margins, I was sold out by Dennison 
Pry or and Company at a total loss. A 
short time after this, Mr. L. W. Pryor, 
m(ember of the brokerage firm was short in 
the market and after it started to rise, still 
being bearish on the market, he became in- 
volved for a million dollars and in order to 

114 



NEW START IN BUSINESS 

take care of his margins forged municipal 
bonds and borrowed money on them at the 
different banks and trust companies in 
Cleveland, to the amount of about a million. 
Standing high with the banks at the time 
he could not endure the exposure, and com- 
mitted suicide in the Hollenden Hotel. 

Feeling responsible for the money in- 
trusted to me, though not legally bound to 
reimburse the investors and being success- 
ful in business during the next three years, 
I paid back to the investors the money they 
had invested, with 6 percent interest. 
Young man, if you are dabbling in the 
stock market, buying on a small margin, 
thinking you will make money, do not con- 
tinue buying in this way. For while you 
may make a little money on some trades, 
you may lose all in the end. The only safe 
way to trade is to buy the quantity, for 
which you have money to pay in full, or at 
least on a 50 percent margin, and after 
stocks have had a big slump, then purchase 
only good standard stocks that have a 
value, paying dividends, and hold same un- 

115 



AUTOBIOGRAPHY OF 0. P. FISHER 

til the market has a good rise. If you try 
scalping, that is, buying and selling out on 
small profits or losses, at the same time, do- 
ing your office work, your mind will be so 
distracted it will unfit you for your work. 
Take my advice and let it alone and you 
will be money ahead in consequence. 

To give you an idea as to how some busi- 
ness men look upon business transactions, 
I will relate my experience with one of my 
investors, Mr. H. E. McMillin, a man of 
wealth in the music business on Superior 
Street, who purchased ten shares of stock 
in the bond and stock com^pany for $100.00 
I called upon him two years later and re- 
deemed his certificate with 6 percent inter- 
est from the time he invested. He took the 
money as a matter of course, little knowing 
that I was practicing the strictest economy 
to pay him and others the $7000.00 Vv^hich 
was lost in a straight forward business 
proposition through poor judgment and 
lack of experience. It did not occur to him, 
at least he did not mention it, that when I 
was treasurer of the Garfield Bank he had 

116 



NEW START IN BUSINESS 

induced me to invest $500.00 in the Cleve- 
land Electric Company which manufac- 
tured a patented electric time switch, it 
proved unsuccessful and I lost my $500.00. 
He never offered to reimburse me. He was 
a good business man and an elder in the 
Euclid Avenue, Christian Church, but his 
sense of business honor and mine, differed. 
Such is life and we must continue to be 
optimistic in spite of such experiences if 
we wish to be happy and successful in our 
individual lives. The world is before us 
with plenty of opportunities, and it is our 
duty to seize and make the best of them. 
I never knew such a word as discourage- 
ment; it is not in my vocabulary. 

One day, v/hen trying to sell stock in my 
investment company, I was very unsuccess- 
ful, and when passing the old Cyclorama 
building on the corner of Euclid Avenue 
and old Erie Street, at 4 p. m., the thought 
came to me, "What's the use, nobody wishes 
any stock today." But I quickly put it out 
and went right ahead. Later in the day 
calling upon Mr. W. E. Byrnes, then man- 

117 



AUTOBIOGRAPHY OF 0. P. FISHER 

ager of the Ohio Rubber Company, to see 
if I could sell him some stock, he said, "No, 
I have no money to invest, but I have a 
little side issue business I wish to sell." I 
investigated the business, took an option on 
it until the next day for $2000.00 then bor- 
rowed the cash on my wagon company 
stock at the Commercial National Bank and 
purchased the business. During the next 
few years this business paid me over 
$7000.00 in addition to the return of the 
capital invested. 

Dear reader do not yield to the thought 
of discouragement, for success may be 
waiting just around the corner, as it proved 
in my case that day when I did not yield. 
This is no fairy tale but something which 
actually happened, as it may do in your 
case. 

During the summer of 1903 the wagon 
business outgrew its quarters on the West 
side and Mr. Clampitt asked me if I could 
finance the building of a new plant on Case 
Avenue near Payne Avenue, where they 
had secured a lot through Mr. Garlick of 

118 



NEW START IN BUSINESS 

the Garlick, Frazee Laundry Company, to 
be paid for at their convenience without 
mortgage. I secured a loan from the Guar- 
antee Mortgage and Trust Company for 
$12,500.00, erecting a building costing 
about $30,000.00 The business grew so 
rapidly Mr. Clampitt and Mr. Brown in- 
duced me to come in and handle their fi- 
nances and accounts at $2000.00 a year, the 
salary they were drawing. Just before 
moving from the West side, I called one 
day at the State National Bank to get a 
BROC Company note discounted, as the 
bank had been accommodating us when we 
needed extra funds. Mr. Ellison, the vice- 
president, refused to discount this note and 
gave me quite a shock by asking the ques- 
tion, "What is this bad news we are hear- 
ing about you?" I told him I did not know 
and asked him to explain, which he did, 
saying Mr. Whittlesey had stated that I 
had taken money from him and put him in 
bad shape financially. I replied saying, 
"You know all my dealings with the opti- 
cal company were straight," that I had 

119 



AUTOBIOGRAPHY OF 0. P. FISHER 

sold my stock at a profit, depositing the 
$10,000.00 I received for same at his bank, 
had paid off the balance of Mr. Harvey L. 
Reed's old note out of my stock profit and 
invested in the BROC Company, which he 
acknowledged to be correct. I learned then 
that Mr. Whittlesey's business was failing 
rapidly, on account of continued heavy 
purchases and expenses also selling whole- 
sale at a loss, of which I was fearful when 
I resigned, and he was trying to borrow 
more money, circulating the report that I 
had taken a lot of the company's money, of 
which Mr. Horn, expert public accountant 
could find no evidence in his examination 
of the books, after I resigned, which he 
stated to me some time afterwards with a 
smile. Mr. Joseph Caldwell, president of 
the Commercial National Bank, where Mr. 
Whittlesey kept his account, also told me 
that Mr. Whittlesey had accused me of tak- 
ing money which hurt my credit at his bank 
for the time being, as we were then carry- 
ing the BROC Company account there, 
I explained to Mr. Caldwell that Mr. Whit- 

120 



NEW START IN BUSINESS 

tlesey's statement was wholly false, which I 
could prove if he would meet me some day 
at Mr. Whittlesey's office and see the books 
wherein I was accused of falsifying the en- 
tries. Mr. Whittlesey stated to Mr. Cald- 
well that he would meet both of us at a 
certain hour at his office, and upon our 
calling twice he was nowhere to be found, 
as he knew he could not face me on such 
a charge. Mr. Caldwell, leaving in disgust, 
said to me, "Mr. Fisher, it is plain to be 
seen who is in the right." This restored 
my credit at his bank. 

Later I learned that Mr. Whittlesey was 
compelled to sell out his wholesale and 
doctors' prescription business to the Julius 
King Optical Company, retaining his retail 
store alone to save himself from failure. 
Several months later he failed in the retail 
business paying, I understand, but a small 
dividend of 10 per cent to his creditors, 
since then he has been traveling on the 
road for other optical houses, for which 
alone he was flitted. This was the fourth 
time I had been accused of fleecing a flrm 

121 



AUTOBIOGRAPHY OF 0. P. FISHER 

or company, but I was still "at large." The 
nearest I got to the "pen" was when Mr. 
Whittlesey's attorney, Mr. B. B. Avery, a 
pompous young fellow whom I used to 
know when he attended the young peoples' 
society at the old stone church with at- 
torney Clum, said, I ought to go there for 
taking the dividend on my $14,000.00 stock 
before selling it, this was already agreed 
upon by Mr. Whittlesey, as he and I togeth- 
er owned the business and I had paid the 6 
percent interest on my note of $10,000.00 
during the year. This is a world of bluff 
and the poor innocent suffers, if he does 
not know enough about business to demand 
his rights. 

The BROC Carriage and Wagon Com- 
pany, moving into its new building the lat- 
ter part of 1903, started off doing a big 
business. I was not aware then what was 
in store for me as a financier at the end 
of 1907, as everything was very prosperous 
at the beginning. During the next three 
years the business increased to such an ex- 
tent I was compelled to furnish finances 

122 



NEW START IN BUSINESS 

for additional building space, adding a 
wing on the rear of the building, extend- 
ing out to Payne Avenue. During this 
time we had taken contracts to build auto- 
mobile bodies for the trade and our busi- 
ness increased to $100,000.00 a year. As 
we were short of working capital, on ac- 
count of financing new buildings, it kept 
me busy working out schemes to finance 
the work going through the shop. I ori- 
ginated a little plan which worked fine al- 
lowing us to discount all our bills and meet 
our payrolls each week. We received 
$350.00 per body complete, cash on deliv- 
ery, and made $100.00 profit, figuring that 
it would take sixty days to finish them in 
lots of ten. I asked for a sixty-day accep- 
tance of $125.00 per body w^hen finished in 
the rough and a thirty-day acceptance for 
$125.00 per body when trimmed, the bal- 
ance when completed. In this way we had 
plenty of funds to meet our obligations and 
the banks readily discounted the accep- 
tances. But alas! the same old story! too 
much prosperity made Mr. Clampitt and 

123 



AUTOBIOGRAPHY OF 0. P. FISHER 

Mr. Brown, who had previously been in 
straightened circumstances, reckless and 
extravagant, instead of piling up a resei^e 
fund for the future to be used in case bus- 
iness fell off, we drew out a large percent- 
age of the profits, taking it for granted 
our prosperity would last indefinitely. We 
were then earning and drawing out 
$6000.00 a year each, in salaries and divi- 
dends. Mr. Brown, who was a blacksmith 
before connecting with the company, had 
previously drawn mechanics' wages of 
$100.00 a month and Mr. Clampitt the same 
as a salesman. Mr. Clampitt built a fine 
house costing him $8000.00 on Quinby 
Street near Wilson Avenue, in a locality 
where an apartment house should have 
been built, also bought an automobile. Mr. 
Brown bought a more expensive car and 
spent money freely, having a wife only, 
while Mr. Clampitt had a wife and baby, 
meanwhile Fisher, the financier, was de- 
nying his family and himself the pleasure 
of an automobile, having a wife and five 
daughters from the ages of five to four- 

124 



NEW START IN BUSINESS 

teen years to support, at the same time re- 
deeming the investment company's stock 
with 6 percent interest from date of in- 
vestment as fast as possible, considering it 
a debt of honor, and in addition paying on 
Mr. Reed's old notes at the banks, in order 
to obtain loans for the BKOC company. 
During the financial panic of 1907 in New 
York, the automobile companies, for whom 
we were building bodies, began to retrench, 
which materially reduced our business. Mr. 
Clampitt and Mr. Brown soon forgot how 
I had financed the business the past four 
years, enabling them to have the time of 
their lives, while I was practicing strict 
economy and paying off moral obligations, 
and instead of consulting with me, as busi- 
ness associates should do, suggesting, if 
unable to finance the business through the 
dull season, that I resign and sell my stock 
to some one who had money to invest and 
could finance the business, they called a 
directors' meeting the last of December and 
voted in as president Mr. John Stuber a 
dry goods merchant on Payne Avenue. I 

125 



AUTOBIOGRAPHY OF 0. P. FISHER 

knew Mr. Brown had instigated this under- 
handed affair and Mr. Clampitt had given 
his consent, but as it was a legal meeting, 
I could do nothing, so I sold part of my 
stock to Mr. Stuber taking his notes for 
same. Mr. Brown being a mechanic and 
therefore ignorant of accounts and fi- 
nances, like Mr. Whittlesey, suspicioned I 
had gotten away with some of the funds 
and had an expert go over my accounts, 
who, as I was told by Mr. Clampitt, found 
them to be correct. Mr. Stuber has many 
times regretted being influenced by Mr. 
Brown, as things did not work out as he 
expected and he lost some money. Mr. 
Clampitt and Mr. Brow^n finally lost their 
positions and the business was sold out to 
another company. 



126 



CHAPTER VII. 
BANK OF CLEVELAND EXPERIENCE 

January 1st to December 3rd, 1908. 
Being free once more, with the exception 
of the little "plumbing supply'' business 
which helped to take care of my living ex- 
penses, I cast about for a new line of bus- 
iness. This was in January, 1908, the New 
York panic of the previous year had not 
been felt to any extent in Cleveland and 
everything seemed quite normal in banking 
circles. Having more experience in finan- 
cing the past seven years than I had when 
in the banking business, and having some 
experience in organizing an investment 
company, securing many stockholders of 
small holdings, also being dissatisfied with 

127 



AUTOBIOGRAPHY OF 0. P. FISHER 

my treatment when secretary and treasur- 
er of the Garfield Savings Bank. I con- 
ceived the idea of organizing a "popular" 
bank with many stockholders of small 
holdings, which should be incorporated as 
"The Bank of Cleveland" to deal exclusive- 
ly with Cleveland and Cuyahoga County 
people, loaning its funds on good commer- 
cial paper and real estate mortgages. I 
quietly solicited subscriptions for the cap- 
ital stock from my friends and business 
acquaintances, securing in all about three 
hundred stockholders.. We met for the 
purpose of organizing and elected a board 
of directors. I was elected president and 
treasurer, and authorized to take a lease 
on the Prospect Street end of the Hippo- 
drome Building, a few doors below the 
Garfield Bank in the Colonial Arcade. The 
bankers did not realize what was going on 
until the opening day. May 10th, 1908. It 
was the greatest and most democratic 
bank opening that had ever occurred in 
Cleveland, lasting for two days to accom- 
modate the hundreds of people who attend- 

128 



BANK OF CLEVELAND EXPERIENCE 

ed. All the cut flowers in the city were ex- 
hausted and we had to telegraph to Buf- 
falo, New York, for a new supply for the 
second day, to be used as "souvenirs." The 
day our opening notices were mailed, the 
Euclid Avenue Trust Company failed and 
we immediately inserted a notice in the 
papers inviting the depositors to open ac- 
counts with the Bank of Cleveland, of 
which many availed themselves. The fol- 
lowing is a copy of the only congratulatory 
letter I received, it was from a banker who 
had been in the business for years, congrat- 
ulating me on my latest achievement, my 
good friend Mr. Charles A. Post, then pres- 
ident of the Commercial Savings and Trust 
Company which was formerly the Dime 
Savings and Banking Company. Later 
his bank was closed by action of the clear- 
ing-house. 



129 



AUTOBIOGRAPHY OF 0. P. FISHER 




THE COMMERCIAL ::^$^ 

Savings ^^ Trust Co. ^--Si: 



WlULXiOfSON BUIU>1N0 



CLEVELAND, O. 

Hay 12th, 1906. 



0» P. Plsher, Esq, , 

President Hi© Bank of Cleyeland, 

Cleveland^ Ohio. 
Illy dear Plsiier:- 

I congratulate. you and tlie tank on your auSpiototiA 
opening. I think your quarters are very handeome and oob- 
plete, and wiish for you and your oompeuiy a most sxvscessful 
career. I also congratulate you upon- and admire- your 
courage ani strength of purpose in carrying through to » 
successful completion -your idea of orgaiilzlng a hank. 

I know you must hare met with many disoouragementa 
and. had many difficulties to overcome, so I think that 
both yon and the city of Cleveland are to he congratulated 
upon this ezhihition of nerve and ahility. 
With all hest vdshes, 

Ygurs very truly. 



130 



BANK OF CLEVELAND EXPERIENCE 

Our deposits increased very rapidly and 
new accounts were added daily. The bank 
was opened from 9 a. m. to 11 p. m. to ac- 
commodate the public. This was a new de- 
parture for Cleveland and did not meet with 
the approval of the other bankers, much 
less did they like the idea of a new bank 
coming into the field at this time. In order 
to hinder our operations they refused us 
the clearing-house privileges through our 
depository, forcing us to keep a large 
amount of cash on hand to pay the checks 
presented at our windows by collectors 
from the different banks. Finally the 
banks refused our account entirely, forcing 
us to send out our collectors to cash checks 
on other banks. This condition appeared 
very discouraging to our directors, but not 
to me, I had been in similar positions in 
past years and did not fear the conse- 
quences. Therefore, to clear our out-of- 
town checks, I opened accounts in Pitts- 
burg, Philadelphia, Cincinnati and Chicago. 
It was a hard fight, but we held our own 
for several months, when, owing to the 

131 



AUTOBIOGRAPHY OF 0. P. FISHER 

failure and consolidations of "nineteen" 
banks in Cleveland from the day the Eu- 
clid Avenue Trust Company failed until 
December 3rd of the same year, we saw it 
was going to be difficult to secure the con- 
fidence of the public, as the larger banks 
were closing up the smaller and weaker 
ones. The public cry being, "How can a 
new bank exist under such conditions/' 
We probably could have continued doing 
business had we "sat on the door step," as 
the saying is, and waited until public con- 
fidence was restored. But as I had offered 
my services without salary until the bank 
was on a paying basis, and had a large 
family to support, it seemed foolhardy to 
continue operations, however, I made up 
my mind they should not force us to a fail- 
ure causing loss to our depositors. The 
treasurer of the State Banking and Trust 
Company, Mr. Thomas Holmden, to whom I 
had offered the position of cashier when 
treasurer of the Garfield Bank and by this 
offer, his bank, the Produce Exchange 
Bank, advanced his salary, being grateful 

132 



BANK OF CLEVELAND EXPERIENCE 

to me for the offer, had shown me little 
courtesies at different times, therefore I 
promised him, if I found we could not con- 
tinue successfully, I would turn our bank 
over to his, the State Banking and Trust 
Company, for liquidation. 

Late in November I called a directors' 
meeting and informed them I considered 
it useless to continue the struggle, to which 
they agreed. We called in the officers of 
Mr. Holmden's bank to make an examina- 
tion of our loans and securities, which they 
stated were three times the value of our 
deposits. Agreement was entered into al- 
lowing the State Banking and Trust Com- 
pany $3000.00 as a fee for liquidation. Mr. 
Holmden thought this too large a sum, but 
the clearing house association would not 
allow him to make it less. We announced 
in the papers next morning December 4th 
that all the depositors of the Bank of Cleve- 
land would be paid in full at the State 
Banking and Trust Company and in a few 
days sent notices to all stockholders as fol- 
lows. 

133 



AUTOBIOGRAPHY OF 0. P. FISHER 



V 



theBANK OF CLEVELAND co^ 

♦HIPPOOROMS »»tl.01N0. PnOSPKCT eNTBANCE 



P.PItHCK.PlKt *?»(*<> 
, W.FlSMCn. rtT VitaPncti 
r. •HCRBOHOV.Ci.o Vicl P*'* 
O. scene ST. 3l» VKCPRCi, 

- POMe»c*i'e.»«». 



Cleveland. O.Deoember. 6tix,.i9c». 



SIAIIlpara TO SICXJEHOIDKRS. 

On adoount of possible misunderstanding with leforenoe 
•to the liquidation of Ihe Bank of Cleveland, I deem it advisabla 
to make a statement to Stooldiolders, Our banfr did not suooeed, 
first becanse of lack of support on the peurt of the majority of 
the stockholders. Many stock suhsoribers refused ta pay their 
subscriptions, others having paid for their stocky carried no 
funds with the bank on deposit, nor did they give any moral 
support to the institution. 

Instead of defending and supporting^ the bank, they took 
on the fear engendered by our outside enemies. Second, wo were 
constantly attacked by othei' banking institutions, and embarrass- 
ed hy the fact that no bank would clear for UB-, 

With this situation of a house divided against itself, 
1 have been obliged to labor from morning till night, day in .anil 
day out, to hold the institution together with the hope that 
attacks from without would gradually lose their force, and that 
our own people would show a greater spirit of loyalty and support* 
When driven to an extremity, the Board of Directors concurred 
with me in appointing the State Banking & Trust Co, to liquidate- 
OUT affairs. 

The depositors are being paid in full, and later stock- 
holders will receive a dividend upon their stock. In spite of 
all the circumstances, I, of course, regret that anyone should • 
lose anything, yet it is a measure of comfort to me to know that 
we were able to make such a satisfactory arrangement for discon- 
tinuance, £uid that no one shall suffer as much as myself. 

My stock holding was ten times larger than any one's 
else, and I have given my services without one cent of reward, 
both during the formative period and the period of actual opera- 
tion, 

I thank all who have given me their loyal support » 
VcA b«e to remain, 




134 



BANK OF CLEVELAND EXPERIENCE 

Thus I was again left in straightened cir- 
cumstances seven and one-half years after 
my first big loss. I had subscribed for 
$5000.00 worth of the bank stock, showing 
my faith in the proposition and put a sec- 
ond mortgage on our home to help pay for 
it, also had my wife deed it to the bank, 
as it was in her name, to save the expense 
of foreclosure. 

But it took more than this to discourage 
me, I even refrained from drawing out the 
dollar savings account which I m.ade as the 
first depositor. Neither did the directors 
vote me money needed for expenses at this 
time. Although I had given my services 
day and night without compensation for 
seven months. They probably mourned 
their small losses and felt I was to blame 
for them, though their holdings were small, 
running from $100.00 to $500.00. 

Next day I determined to make a start in 
some new place, as I had been in business 
in Cleveland for twenty years and thought 
an entire change in surroundings and as- 
sociates would be encouraging and benefi- 

135 



AUTOBIOGRAPHY OF 0. P. FISHER 

cial to my family and myself. So I came 
home and said to my v/if e and five girlies, 
"Where do you all wish to go, east or 
west?" They quickly replied, "Boston,'' so 
Boston it was. That being settled, the next 
question was how shall we get there with- 
out funds? "Walk or go as 'stowaways' 
in a freight car." It had then turned bit- 
ter cold below zero, as it usually did after 
Decemiber 1st. Remembering I had se- 
cured Mr. H. 0. Secrest a loan of $500.00 
on my endorsement, at the Cleveland Na- 
tional Bank two years before, when he 
was struggling with a patent lawn trim- 
mer, and, for the accommodation, he had 
given me some treasury stock in his com- 
pany, which paid no dividends, I asked him 
to advance me $200.00 and take the stock 
as collateral security, as I needed this 
amount for tickets and expenses until lo- 
cated in Boston. He took the stock and 
gave me $100.00 to purchase tickets for my 
family, promising to send me the other 
$100.00 later. I have not received it as yet 
and thirteen years have passed since then, 

136 



BANK OF CLEVELAND EXPERIENCE 

so it must have been "lost in the mails." 
He made a trip west in 1913 when we were 
living in Portland, Oregon, I did not see 
him, but he telephoned my wife from the 
hotel, saying, "I am now making big mon- 
ey," neglecting to mention the $100.00 he 
still owed me. 

To return to my story, v/e packed and 
shipped our goods and as my mind was re- 
lieved knowing the bank was to be liqui- 
dated and the depositors saved from loss, 
we bade farewell to our old Cleveland 
friends, boarding the train at 10 a. m. De- 
cember 8th for the historic city of Boston, 
there to seek our fortunes anew. 



137 



CHAPTER VIII. 

BOSTON EXPERIENCE PUBLIC AC- 
COUNTING AND AUDITING 

December 26th, 1908, to May 10th, 1912. 

We landed in Boston the following fore- 
noon in a big snow storm. After securing 
rooms for the family near the Back Bay 
Station, I went to see how soon our goods 
would arrive, also to look for a house, find- 
ing an apartment on Waverly Street in Rox- 
bury at twenty-three dollars per month, I 
moved the family into the new home, once 
more to start life anew. 

My wife was in poor health at this time 
and I had our five girlies between the ages 
of seven and sixteen to look after, so I 
spent the next two weeks at home getting 
settled. On Christmas day Miss Grace L. 
Neiberger an artist friend who had previ- 
ously gone to Boston, bought us a big tur- 
key and joined us at our Christmas dinner, 
and we all felt happy and contented regard- 
less of our financial condition. 

138 



BOSTON EXPERIENCE 

The family being now nicely settled I 
started out next day to seek employment 
in the new field, never thinking of the ex- 
periences that were to be mine during the 
next three and a half years. Having had 
experience in many lines of business, the 
public accounting profession appealed to 
me very strongly, therefore, I called upon 
several public accounting firms, among 
them Mr. William Dillon C. P. A. at 50 
Congress Street, he said he might engage 
me temporarily at $5.00 per day and re- 
quested me to call next morning at nine. 
I complied, was engaged and sent over to 
Chelsea to examine the relief committee's 
accounts, they having distributed the funds 
among the sufferers after the big fire. My 
mind was again at rest as I was employed 
to my liking. The $30.00 paid me at the 
end of the week was very acceptable in- 
deed, as I was then down to my last nickel. 
This was the first salary I had received 
since I left the wagon company just a year 
before, having kept my big family during 
the past year on the income derived from 

139 



AUTOBIOGRAPHY OF 0. P. FISHER 

the plumbing supply business and the mon- 
ey I received from the sale of investments. 
I v^as on this job for about three weeks, as 
at this time, January 15th, there was 
quite a little public auditing to do and Mr. 
Dillon, being pleased with my work, re- 
tained me. 

My next jobs consisted of a slate manu- 
facturing company audit, a hotel audit and 
a big thread and twine manufacturing 
company audit. I enjoyed this work very 
much as it furnished me variety and activ- 
ity, with the anticipation of something new 
ahead continually. The work was play for 
me, a recreation and relaxation after the 
many "ups and downs'' I had experienced 
during ten years of strenuous financing. 

Next I was assigned to assist one of the 
older accountants, installing an accounting 
system for the Taxi-Service Company at 
the Lennox Hotel. Finishing this I was 
sent to New York to do the same there for 
a new taxi company just started by stock- 
holders of the Boston Company, from there 
to Philadelphia, thence returning to Bos- 
ton. 

140 



BOSTON EXPERIENCE 

By this time the Taxi-Service Company 
had gotten badly mixed up in their ac- 
counts and I was sent to straighten them 
out, I spent about six weeks on the work, 
and became ver^'' familiar with their busi- 
ness. A little incident occured about this 
time, causing me to make a remark, which 
was overheard by the vice-president. The 
company had two hundred chauffers and 
one hundred taxi-cabs running day and 
night. The chauffers' cards were turned 
in to the cashier in large envelopes, show- 
ing amount of cash received, charge ac- 
counts and mileage. The cashier was in- 
efficient in his work, piling them on his 
desk in a promiscuous fashion, taking all 
forenoon to open the envelopes and count 
the money, thus holding up the bill and 
mileage clerks, until he balanced the cash 
with the cards. I observed the delay in 
the office work caused by the cashier^s 
methods and said to him, "I can suggest a 
quicker way in which to handle your work, 
avoiding delay in the office work and en- 
abling the clerks to finish their work earli- 

141 



AUTOBIOGRAPHY OF 0. P. FISHER 

er in the day/^ I explained my plan but at 
first he did not favor it, however v^hen he 
finally put it into force much time was 
saved and the clerks were pleased with the 
change. The plan was as follows: before 
opening the envelopes, to sort them in the 
order of the cab numbers, then open cab 
number 1, count the money, balance it with 
the sheet, turning it up side down on the 
desk in reach of the bill clerk, and so con- 
tinuing until all were opened. After the bill 
clerk made up the bills from charges on the 
sheet she was to turn them up side down 
and place them within reach of the mileage 
clerk. In this way no one was in another's 
way and by the time the cashier had his 
money all balanced, the bill clerk was but a 
short distance behind, the mileage clerk 
following. Before the day was over all 
work was finished, while under- the old 
system they were always several days be- 
hind. The vice-president, seeing good re- 
sults follow the adoption of my plan, was 
attracted to me and told Mr. Dillon after- 
wards, he would like to have me take a 

142 



BOSTON EXPERIENCE 

permanent position with their company. 
One day he took me to lunch and tried 
to draw me out as to making a change, 
but as I enjoyed professional public ac- 
counting work and systematizing I was 
not anxious to assume a permanent 
position as I had had bitter experiences 
the previous twenty-five years and thought 
I could do better as an expert accountant. 
Young office man keep your eyes and ears 
open for new ideas and when you see 
where an improvement can be made sug- 
gest it, it may do you a good turn some 
time as in this case, it did for me. 

After straightening out the Taxi-Service 
Company's accounts I was again sent to 
New York by Mr. Dillon to do some more 
work for the taxi company there. Know- 
ing the Taxi-Service Company desired my 
services and also that he was paying me a 
very small salary for the class of work I 
was doing, he wrote me on August 13th, 
1909, regarding some matters of the taxi 
company, stating at the bottom of the let- 
ter as follows: "You will note the en- 

143 



AUTOBIOGRAPHY OF 0. P. FISHER 

closed check is for $36.00 at the rate of 
$6.00 per day, as from the character of 
your work I consider you worth it." 

Returning to Boston I was called 
over to the office of the attorney for 
the Taxi-Service Company, to be inter- 
viewed by the president of the company 
Mr. Henry Lewis, as to making connection 
with their company. He offered me the 
treasurership and inquired as to v/hat 
salary I would accept and as I was 
not anxious to leave the public ac- 
counting profession, I named $4000.00 per 
year as my price, and he believing in pay- 
ing a man what he was worth, thereupon 
accepted my figure, and I must confess, I 
have met few such m^en as heads of com- 
panies. The vice-president, being just the 
reverse, hearing what Mr. Lewis had done 
and meeting Mr. Dillon shortly after, said 
to him, "What's this, a hold up game?'' 
evidently thinking he could have engaged 
m.e for less money. Mr. Lewis was a 
v/ealthy owner of a wool-scouring business 
at Lawrence, Mass., owning a very fine 

144 



BOSTON EXPERIENCE 

residence in Andover, Mass. He was about 
forty-five years of age, had recently mar- 
ried his second wife a young girl of twenty 
and did much entertaining in his home. 
One afternoon, later on, while driving with 
me in his automobile to attend a directors' 
meeting at his home, he was laughing about 
the vice-president of the Taxi-Service Com- 
pany, saying, he was a batchelor living 
v/ith his mother and though worth a mil- 
lion, refused to spend his money for good 
drinks, but would come to his home in the 
evenings quite frequently and help him- 
self freely to his good wine. 

The world is composed of many kinds of 
people and they make an interesting study, 
but we m.ust not allow their actions to an- 
noy us and make us pessimistic. 

I was elected treasurer of the Taxi-Ser- 
vice Company, taking charge on September 
1st, 1909. A month later Mr. Morrison, 
the general manager of the company, re- 
signed to enter the automobile business in 
California, when, in addition to my work as 
treasurer, I acted as general manager in 

145 



AUTOBIOGRAPHY OF 0. P. FISHER 

his place, working all day directing the 
chauffers, taking up their troubles, and un- 
til twelve at night on the financial and ac- 
counting end of the business. Later in the 
year the Taxi-Service Company bought out 
the Boston Cab Company. I was elected 
its treasurer also, consolidating the two 
company's offices. In examining the Taxi- 
Service Company's accounts, I discovered 
they were not charging off sufficient de- 
preciation each month, showing earnings 
that were not true and at the samxe time 
paying big dividends. I made up a state- 
ment showing the true condition of the 
company, and calling a meeting of the dir- 
ectors, I presented it to them, when, to use 
a slang expression, "They all got cold feet" 
and as there were two factions in the com- 
pany one side took advantage of the other. 
There had always been a difference of opin- 
ion between the president and vice-presi- 
dent, in the management of the business. 
I was on the president's side as he was 
open and honest in his dealings, the vice- 
president being secretive and inclined to be 

146 



BOSTON EXPERIENCE 

tricky, he called his stockholder friends to- 
gether and held a general meeting in the 
attorney's office refusing to admit me. He 
had worked up a "freeze out" game on Mr. 
Lewis, the president and his friends, who 
held stock in the company, the attorney 
demanded that all sign over their stock to 
a protective committee, for reorganization, 
saying, if they refused, a tire company au- 
ditor was waiting down stairs to put the 
company in the hands of a receiver. With 
this threat all stockholders signed over 
their holdings. I was then called in and 
asked by the attorney to resign as treasur- 
er, but to continue acting as treasurer and 
manager until the committee accepted my 
'resignation. Had I been present at the 
meeting the Lewis faction would have had 
a square deal, as I knew the tire company 
auditor had no intention of asking for a 
receiver and would have taken a long-time 
note settlement for their account and by 
reducing the expenses and passing divi- 
dends, the company would have pulled 
through and saved losses to many stock- 

147 



AUTOBIOGRAPHY OF 0. P. FISHER 

holders, who had purchased stock at par 
when it was paying dividends. 

But such is high finance where the in- 
nocent lambs are "shorn of their locks" 
and an honest official, who knows the truth, 
is not desired at a meeting where tricksters 
have something "up their sleeves." 

I continued with the company for a 
month, during this time a Mr. Taf t, a cold 
haughty young attorney or law student was 
sent out daily to look things over. He was 
a "nasty nice" kind of person and had evi- 
dently never been "fifty miles from Bos- 
ton." One day, speaking quickly to one of 
the employees, he thought he heard me re- 
fer to him as "Taft," he picked me up at 
once and said, in a drawling voice, "Mr. 
F i s h e r,-c a 1 1-m e -'M r.'-T a f t." He was 
something like the vice-president, who, up- 
on once remarking to him, "You are a 
little slow here in Boston, compared to the 
middle west," received the reply, "0! no, 
we are only conservative." 

On May 23rd, 1910, Mr. Pierpont Stack- 
pole, attorney for the committee, called me 

148 



BOSTON EXPERIENCE 

to his office and notified me that the com- 
mittee had decided to turn the company 
over to the Old Colony Trust Company for 
reorganization and as the Trust Company 
wished to elect their own man as treasurer, 
my resignation was accepted. 

"I replied, "That is satisfactory, pro- 
vided you pay me up to August 31st, 1910," 
as I had a verbal agreement with the pres- 
ident Mr. Lewis for $4000.00 a year and I 
knew by my public accounting experience 
verbal agreements in Massachusetts were 
legal, provided the party making it with 
me would corroborate my statement. There 
was a three months salary of $1000.00 due 
me. Mr. Stackpole tried to bluff me out 
of it, saying, I was paid by the month, I 
reminded him that monthly salaries were 
not paid in odd amounts as $333.33 which 
amount I received each month. I went to 
see the vice-president immediately as he 
was within closer reach than the president 
and understood the arrangement, he also 
tried to bluff me, saying I had not made 
good, that they could not get a company to 

149 



AUTOBIOGRAPHY OF 0. P. FISHER 

write a bond on me, and the parties I had 
referred to in my application would not 
recommend me. I said, "Then why did you 
keep me nine months as Treasurer of two 
companies/' handling hundreds of thou- 
sands of dollars and signing all checks, 
with authority to borrow thousands of dol- 
lars on the company's notes at the banks. 
He replied, "We knew you were honest." 
Possibly some of my Cleveland references 
did not give me the best of recommenda- 
tions as certain parties were influenced by 
the bank affair, but I am sure many spoke 
of me highly. I never heard whether the 
company wrote the bond or not, but I do 
know that I have been bonded many times 
since for large amounts and have had no 
trouble securing one. 

Finding the vice-president disinclined to 
help me obtain the money that was due me, 
I went to Lawrence, Mass., to see Mr. Lew- 
is. He received me kindly as he was a per- 
fect gentleman and believed in the saying 
"live and let live.'' He gave me a letter to 
Mr. Stackpole verifying in writing his ver- 

150 



BOSTON EXPERIENCE 

bal agreement to me, giving me $4000.00 
salary for the full year. Thereupon I 
called upon Mr. Stackpole and gave him the 
letter and he wrote the new treasurer au- 
thorizing him to pay me my salary at the 
rate of $4000.00 until August 31st, 1910, 
with the understanding that I was to be 
called if they needed me for consultation. 

Dear reader, in the business world you 
are some times forced to fight for your 
rights when there is a matter of principle 
involved, you will be respected if you stand 
up at all times for what you know is right 
keeping personality out of it. I have no 
hard feelings for those who have slandered 
and abused me, they are objects of pity and 
do not realize it. Time will adjust all 
things if you keep your thought right and 
have control of yourself. I have proven it 
and know whereof I speak. Take the ad- 
vice of one that has been "through the 
mill" and has come out 100 percent plus. 

Thus ended my official career with the 
Taxi-Service Company the sixth business 
to fail, or get into financial straights, on 

l&l 



AUTOBIOGRAPHY OF 0. P. FISHER 

accounts of unsound business methods, the 
approach of which failure I tried to demon- 
strate to the company, but the love for 
making the almighty dollar, very often in 
questionable ways, seems to be inborn in 
mortal man. 

Mr. Dillon was glad to have me on his 
accounting staff once more and I was glad 
to return, as the work was especially in- 
teresting to one with initiative and an in- 
vestigating turn of mind. He informed 
me that he could not pay me the salary I 
had been receiving but would pay me $7.00 
a day. He was very fair, as he paid his 
men overtime above seven hours a day. 
This enabled me to make considerably more 
than $7.00 a day as I put in many hours 
working overtime when out of the city on 
jobs. However I learned later that it is 
not the custom of all public accountants to 
pay overtime, having some experience in 
this line which will be related further on. 
The next three months I received a good 
income, drawing $333.33 from the Taxi- 
Service Company in addition to my salary. 

152 



BOSTON EXPERIENCE 

Upon leaving the Taxi-Service Company 
I v^as sent to New York on a job and had 
just arrived at my hotel room when the 
telephone rang and a call came from Mr. 
Dillon in Boston, saying the Taxi-Service 
Company wished to consult with me at 
once on some business matters, so I immed- 
iately took the train for Boston, where I 
spent a couple of days going over the same 
and was not called again by the taxi com- 
pany during the following three months. 
I did not return to New York as Mr. Dil- 
lon, having been appointed by the Court as 
accountant for the Receiver of the Bowker 
Torrey Marble Company, put me in charge 
of the investigation, which lasted many 
months, the work was very interesting as 
I examined the books as far back as 1856. 
It was a very old firm and many complica- 
tions arose to be straightened out. 

At the end of the year I notified Mr. Dil- 
lon that I must have an increase in salary 
to take care of my "flower garden" of girls, 
as they were all coming into young woman- 
hood at once and dresses and all the "un- 

153 



AUTOBIOGRAPHY OF 0. P. FISHEPv 

mentionables'' cost some money. A neigh- 
bor across the street, one Sunday morning, 
seeing them all dressed nicely going to 
Sunday School, remarked to another neigh- 
bor, "How does he do it?" Well, all I have 
to say is, if she had had my experience the 
past twenty years in financing, she would 
have known how it was done. Mr. Dillon 
liked my work and did not wish to lose me, 
accordingly he made me managing senior 
over his twelve men at $10.00 a day charg- 
ing $20.00 a day for my services. I had as 
many as six to eight jobs running at a 
time in different lines of business. Audit- 
ing, Examining and Systematizing, which 
kept me very busy indeed, but I enjoyed the 
activity and also the variety of work. 

Young man if you are a bookkeep- 
er or a clerk, enjoying accounts and figures 
and wish to advance in the business world, 
take up the study of accountancy by all 
means, and when prepared connect with 
some good public accounting firm as a jun- 
ior, even if you do receive less salary than 
formerly at the start. The experience you 

154 



BOSTON EXPERIENCE 

will gain, assisting senior accountants on 
audits, examinations and systems, will be 
valuable to you and you need, never lack 
for employment, for you will always be 
in demand. I have always had more posi- 
tions awaiting me than I could fill and nev- 
er had to walk the streets looking for work. 
I was with Mr. Dillon until May 10th, 
1912, auditing, examining and systematiz- 
ing many large companies too numerous to 
mention. I always liked Mr. Dillon, though 
he was not always just, seeming to enjoy 
picking flaws in your reports, trying to 
humiliate and belittle you in every way 
possible, while keeping himself on the ped- 
estal, ril give him credit for being smart, 
I knew I had the best of him in the way of 
delving into the depths of things, and 
"bringing home the bacon," but in writing 
a report on an audit or examination he 
had no equal, when it came to showing his 
client that he was giving him the worth of 
his money. He was like Mr. H. Clark 
Ford, "You do the work and I'll take the 
credit.'' It was not his habit to compli- 

155 



AUTOBIOGRAPHY OF 0. P. FISHER 

ment but to criticise, very often without 
just cause. 

Mr. Dillon's business was very light dur- 
ing April and May of 1912, and with others 
I sat in his office for six weeks waiting for 
some big job to turn up. Every Saturday 
night he paid me $60.00 in new bills, as was 
his custom, until it finally got on his nerves 
and he had to drop me from his staff, re- 
taining the men with smaller salaries. He 
gave me an excellent recommendation as 
to my work and character, but spoiled it all 
by stating a falsehood at the end, saying, 
"The only reason I am dropping you from 
the staff is because you are not a certified 
public accountant,^' when he knew the real 
reason was, he had not sufficient business 
to make my services necessary. This was a 
"nasty little fling'' to save himself. He was 
a certified public accountant by "waiver" 
only, and not by examination, as he feared 
failure in taking same. Some months 
prior to this time I had taken the state ex- 
amination, and passed in theory of accounts, 
law and auditing, but as the accounting 

156 



BOSTON EXPERIENCE 

problems contained many "catch questions" 
and a very limited time was given to work 
them out, I did not finish the examination, 
however I have never failed on an account- 
ing job and have had many difficult ones in 
ten years of professional accounting work. 
Follov/ing is a copy of a letter received 
from an accounting firm after leaving Mr. 
Dillon, as I cannot locate Mr. Dillon's let- 
ter. 



CURTIS S WQODWORTH 

TCLCrHOHC 

Accountants 

PMOUCTION ENOINECnS 
fS3 STATt crnECT 

eoSTON 

• Tftalverslt7 Eoad, 

Brookllne, Uase. 
Dear Mr. Pl8h,9T:- We TmAerBtana that 70U have eorerett your 
oozmeotlon with Mr. Dillon, end b«ford making any other arrange- 
ments, we would like to talk with you. T7e do not require any 
references from the ahore party, knowing hoth of you toa well 
for anything of that sort* 

Che writer's associations with you while in the same 
employ and his knowledge of your ability as an all-round aooona** 
ant. makes it appear -desirable to ua to cozmeot with you in 
some mutually agreeable manner. 

In any event, and whatever-you decide to do, you have 
our best wishes for the suooess that le sure to attend you, and 
th» oozwem you tie up to will have our oongratulations. 

3>top ia and have a talk with as, if only about old times. 
Sincerely yours 

157 



CHAPTER IX. 

NEW YORK EXPERIENCE PUBLIC 
ACCOUNTING AND AUDITING 

May, 1912, to October 1st, 1913 
Wishing for a larger experience in the 
accounting profession, I went to New York 
and called upon Messrs. Lybrand, Ross 
Brothers and Montgomery, C. P. A.'s at 55 
Liberty Street, meeting Mr. Lybrand alone 
He looked over my credentials and smiled 
when he read Mr. Dillon's, as he knew the 
man. He placed me on his staff immedi- 
ately as a managing senior at $50.00 a 
week, which was $10.00 less than I had 
formerly received. But money was not the 
main thing with me, I was in comfortable 
circumstances, having income from invest- 
ments, and was eager for the New York 
experience. I sat around the staff room 
for about a week, getting acquainted with 
their methods and doing odd jobs at the 
office. Finally I was assigned to take 
charge of an insurance audit, later work- 
ing in and out of New York City on vari- 
ous kinds of expert work, such as receiver- 

158 



NEW YORK EXPERIENCE 

ships, bankruptcies, defalcations, systems, 
audits and examinations. Mr. Lybrand 
was a very thorough accountant, but was 
peculiar in some ways. He was cold, dis- 
tant and secretive and you did not feel at 
ease in his presence. One day he called me 
to his office intending to send me down to 
Baltimore on a big job, but seemed very 
undecided, at last he put his hand over his 
face and bowed his head, while I stood 
waiting for about five minutes, finally he 
looked up and said, "Go to Baltimore." I 
guess he was waiting for the spirit to move 
him, for, as he came from Philadelphia, I 
presume he was of Quaker descent. Mr. 
Montgomery was quite the reverse, being 
quick in both thought and action, some- 
times a little too quick in passing out work, 
practically throwing it at you without giv- 
ing necessary instructions, expecting you 
to read his thoughts. He was the "business 
getter^' spending very little of his time at 
the office, as a consequence he was un- 
acquainted with most of the staff of one 
hundred men. When he became irritated 

159 



AUTOBIOGRAPHY OF 0. P. FISHER 

with some of the work, which he could not 
understand and would not take time to in- 
vestigate, I was told he would say to the 
accountant, "You're fired,'' whereupon the 
man would walk out and interview Mr. 
Lybrand who would order him back to 
work. Months after Mr. Montgomery would 
notice the same man at his work not know- 
ing he had been immediately reinstated. 
He tried it on me one day but I "called his 
bluff." I had been put in charge of an 
audit for a large real estate company, who 
sold lots on payments. While working on 
the audit, I sent out verification statements 
to makers of notes to verify their pay- 
ments, and upon finishing same, I had re- 
turned to the office to write up my report 
and make up schedules of the audit. The 
verification statements came back after we 
had left the company's office, when in 
checking them over one of my assistants 
discovered the note payers were claiming 
they had made payments to the amount of 
$1500.00 which did not show on the books 
of the real estate company. These were 

160 



NEW YORK EXPERIENCE 

startling facts and when investigation was 
made at the real estate office, we found the 
lady cashier had been appropriating the 
money. She first said her father had been 
sick and she was short of funds, later con- 
fessed she and a man friend had been using 
it, "doing the city at nights along the big 
White Way." She was a young slip of a 
girl, so innocent in appearance that no one 
would have suspected her. She was the 
first woman defaulter I ever discovered in 
my audit work, but have found several of 
the other sex. Business being a little quiet 
at the time we made the audit, the staff 
manager had practically forced it upon the 
firm. They were regular clients, but were 
not ready for it at that time, therefore 
they complained that we should have dis- 
covered the defalcation while we were 
working on the audit, which was impos- 
sible, until we had verified the note makers' 
certified statement of payments. 

Upon hearing of the above defalcation 
Mr. Montgomery called me in, saying I 
was responsible and should have discovered 

161 



AUTOBIOGRAPHY OF 0. P. FISHER 

the shortage sooner. A very silly accusa- 
tion, which was made as an excuse for 
dropping me from the staff, business be- 
ing light at the time. He also declared I 
had not "made good." But I was "good'' 
enough in Mr. Lybrand's opinion to be put 
in charge of a large stock brokerage firm's 
audit, examining and verifying $100,000.- 
000.00 in securities, at the time the Govern- 
ment forced the Standard Oil Company to 
separate its subsidiaries into independent 
companies, causing the issuing of many 
fractional shares, also auditing Thomas A. 
Edison's Company several times and many 
other large corporations. 

I informed him that I had a wife and 
five daughters to support, had been with 
the firm for a year and knew my work was 
satisfactory, as I worked day and night 
during the rush season and on one job 
thirty-six hours continuously. I received 
no overtime on this particular job, but was 
given two days off duty to make up, the 
firm charging $25.00 a day for my time as 
managing senior, and overtime in addition, 

162 



NEW YORK EXPERIENCE 

while they had been paying me but $8.83 a 
day. 

I also told him I did not propose to be 
dropped during the dull season, when I had 
made the firm thousands of dollars through 
my services. Mr. Lybrand was in Europe 
so I could not appeal to him as the other 
members of the staff were in the habit of 
doing when they were told, "You're fired.' 
I guess he thought I had the best of the 
argument, for he said> "Well! Fll give you 
one more trial." He informed m.e that he 
had a Jew bankruptcy job up Broadway 
and would put me in charge of it, saying, 
"I know how long it will take and if you 
do not finish it in the specified time, 'out 
you go.' " I said, "How much time can I 
have?" He replied, "Fll not tell you." 

I went on the job taking an assistant 
with me. The next day Mr. Montgomery 
came up to the firm's office and standing 
back of me observing my work in making 
up schedules, suddenly inquired, "What are 
you doing it that way for?" I told him I 
had worked on bankruptcy jobs before in 

163 



AUTOBIOGRAPHY OF 0. P. FISHER 

Boston. He yelled out, "To H — with Bos- 
ton" and walked away. This was the last 
I saw of him until I had completed the 
work and it was "some job." The Jewish 
race are great for assisting each other fi- 
nancially, at the same time benefitting 
themselves. Therefore to trace the accom- 
modation notes and checks, between un- 
cles, cousins, brothers-in-law, banks and the 
trade, was quite an undertaking. 

I finished this examination in about ten 
days and had my report and schedules 
ready to give testimony in the bankruptcy 
court. 

The cost of the work did not exceed 
$125.00 and I learned afterwards Mr. Mont- 
gomery had bid $400.00 for the job, receiv- 
ing it from the trustee in bankruptcy. Mr. 
Montgomery was a self-made man, with a 
good business head, when he did not "lose 
it." He is the author of a text book en- 
titled, "Auditing by Montgomery," the 
proofs of which I helped to read before it 
was published. One day his brother-in 
law, who was a young junior accountant on 

164 



NEW YORK EXPERIENCE 

the staff, asked him what he meant by a 
certain sentence in the book, he looked at 
it and said, "I don't know, rU give it up." 
He was a good bluffer and knew how to 
get away with it "sometimes," neverthe- 
less a good fellow standing high in the ac- 
counting profession. 

Young m-an if you take up the account- 
ing profession as I have recommended it 
to you in former pages, first get experience 
in a good public accounting firm, then if 
you have initiative and wish to advance in 
business and make money, start in for 
yourself. The big firms will not pay what 
you are worth. They work on their name 
aiming to get work done as cheaply as 
possible, at the same time charging clients 
high rates for their services. As a rule 
many accounting firms do not employ men 
that have experience and initiative, as most 
of them have their own particular methods, 
which must be followed regardless of sug- 
gestions which would prove of benefit to 
their clients. I have been a practical ex- 
perienced public accountant satisfying the 

165 



AUTOBIOGRAPHY OF 0. P. FISHER 

firms I have served by keeping away from 
"theory stuff" to which they strongly ob- 
ject. 

Upon finishing this bankruptcy job and 
satisfying the court, having been with the 
firm a year, I was entitled to two weeks' 
vacation, which began June 1st. By this 
time I had five young ladies at home who 
wished to associate with nice young people 
of their own age and as New York was 
somewhat cosmopolitan, I thought it might 
be well to go to the Pacific Coast for a 
change and locate in business for myself 
in a smaller city. 

Therefore at forty-six years of age, as a 
test of physical endurance and to see as 
much of the country as I could by daylight, 
I made a prospecting trip, taking the Lack- 
awanna train at Hoboken June 1st, at 2 
a. m. for Buffalo, sitting up dozing in a 
day coach, from Buffalo to Chicago via 
the Wabash R. R., Chicago to Minneapolis 
via Chicago and Great Western, Minne- 
apolis to Seattle via Northern Pacific, stop- 
ping at Butte and Spokane, thence by boat 

166 



NEW YORK EXPERIENCE 

up Puget Sound to Victoria and Vancouver, 
B. C, and back to Seattle, taking North- 
ern Pacific to Portland, Oregon. Of all 
the above places at which I stopped for a 
day I liked Portland as the most delightful 
for residence and business. Returning via 
Salt Lake, Denver and Omaha to Chicago 
and from there to New York via same 
route over which I started. Making the 
trip of eight thousand miles in fifteen days, 
occupying a sleeper but two nights on ac- 
count of having to take trains without day- 
coaches. This sitting up and dozing in my 
seat enabled me to see much of the country, 
as it was light up to 8 p. m. and again as 
early as 3:30 a. m. We are all constituted 
differently, some have physical endurance 
and some other qualities. I am not ac- 
quainted with the word "fatigue" though 
well acquainted with the words "work" 
and "endurance." 

When I left the New York office the staff 
manager said, "Be sure and come back," 
evidently wishing me to remain with the 
firm after talking to Mr. Montgomery and 

167 



AUTOBIOGRAPHY OF 0. P. FISHER 

satisfying himself that I had made good on 
the Jew bankruptcy job. When I returned 
and told him how I had spent my vacation, 
he said, "Are you not all tired out," I re- 
plied, "No, just feel fine and ready for any 
big job." 

After discussing the trip with my family 
we decided to miove to Portland, Oregon, 
October 1st, as the lease on our house ex- 
pired at that time. I made audits in vari- 
ous lines of business during the summer 
and handed in my resignation September 
1st, giving the firm one months notice and 
myself a month's time to finish up the jobs 
I was handling. It took some little money 
and nerve to transport a family of seven 
and household goods to the coast and make 
a new start, at that time about $700.00 as 
rates were lower than at the present time. 
I made one shipment of goods during the 
month, so they would arrive ahead of us. 

Leaving the office at 5 p. m., September 
30th, I finished packing the balance by 2 
a. m. rising at 6, put on the finishing touches 
and had everything ready for the movers 

168 



NEW YORK EXPERIENCE 

at 8 a. m. We lived in the Flatbush sec- 
tion of Brooklyn and after seeing our 
goods loaded in the car I returned for the 
family taking them to the Baltimore and 
Ohio R. R. Ferry in New York, catching an 
eleven o'clock train for the v^est. 

While on our way to the train we en- 
countered a cloudburst and were like 
^drowned rats when we reached the ferry, 
however we were all relieved and happy 
when the train pulled out of the depot on 
the Jersey side, looking forward to our 
sightseeing journey across the continent, 
with the prospect of "A Little Gray Home 
in the West," having considerably more 
cash reserve on hand than when we left 
Cleveland five years before to make a new 
start in Boston. We spent two weeks on 
the trip traveling by day to see the country 
and stopping over nights in Washington, 
D. C, Pittsburg, Cleveland, Chicago, Den- 
ver and Salt Lake City, arriving in Port- 
land the evening of October 15th, having 
enjoyed a lovely view of the Columbia Riv- 
er during the whole of that afternoon. 

169 



CHAPTER X. 

PORTLAND, OREGON EXPERIENCE 

AS PUBLIC ACCOUNTANT 

AND AUDITOR 

We engaged rooms at the Congress Hotel 
on 5th Street until I could find a suitable 
house, which I located in a few days on Hall 
Street. Goods arrived in good condition 
as we wrapped most of the furniture with 
newspapers folded in long strips and tied 
securely with strong twine, which by the 
way is an excellent method in packing fur- 
niture for shipping. 

In a short time we were once more set- 
tled in our new Pacific Coast home. I then 
turned my attention to getting located in 
business, taking desk room temporarily 
with a public stenographer in the New 
Morgan Building. I sent out two thousand 
announcements stating that I was from 
New York City, giving my Public Account- 
ing experience and soliciting a share of the 

170 



PORTLAND, OREGON, EXPERIENCE 

public patronage, thinking of course I 
would be flooded with work, as most 
"greenies'^ from New York City do, but to 
my great surprise and amazement I got 
about half a dozen replies, and those 
merely welcoming me to the city. Then I 
woke up to the fact that Pacific Coast peo- 
ple did not consider it a big event to have 
a New York man come into their commun- 
ity and I have found since they are right, 
as the West has the East beaten in many 
ways, being more up to date. I discovered 
Portland was quite a fine city, though 
somewhat conservative and localized. To 
put it as an accountant did at Butte, Mon- 
tana, comparing the Coast cities with those 
in the east, Seattle is, "windy and breezy," 
in speech like Chicago, Portland, "conserv- 
ative" like Boston and San Francisco 
"gay" like New York, and I found he was 
about correct. 

Obtaining no results from my announce- 
ments I started out to call on the business 
firms of the city, among them Graves 
Music Company, finding they had the agen- 

171 



AUTOBIOGRAPHY OF 0. P. FISHER 

cy for the Edison Phonograph, I told them 
I had audited Edison's Company several 
times when in the east. This made quite a 
hit with Mr. Graves and he declared I was 
just the man he was looking for, but could 
not afford to pay me a professional fee of 
$25.00 per day, said he would give me 
$150.00 for a month to check up and recon- 
cile an account with the Filers Music Com- 
pany. Desiring work more than money in 
order to gain a foothold in business, I ac- 
cepted his proposition. It was a badly 
mixed up account but I finally got it in 
balance. On completion of the work he 
was pleased with the result and liked me 
very much, saying, I was just the man Mr. 
Hy. Filers was looking for and so saying 
he took me up and introduced me to the 
gentleman. 

Mr. Filers wished me to come with them 
permanently, I offered my services at 
$100.00 a week but he would pay only 
$300.00 per month, this I accepted thinking 
it might lead to something better, being in- 
nocent of the fact that I was going to have 

172 



PORTLAND, OREGON, EXPERIENCE 

some more disagreeable experiences simil- 
ar to those I passed through in the east, 
but it seemed my luck to be connected with 
firms in bad financial condition or with 
men who were not honorable in business 
dealings. At the same time these business 
connections gave me valuable experience 
which has proved of service to me in all 
the succeeding years. 

I soon learned the Eilers Company had 
branch music stores all over the Coast, 
from Bellingham, Washington, as far east 
as Boise, Idaho, and on down to Los An- 
geles. It is said, at one time, they had about 
forty houses engaged in selling the cheap- 
est pianos, at big prices, on the payment 
plan. Another case of stocking up, branch- 
ing out, and extending credit far beyond 
the capital invested, like that of Reed, 
Squires, Whittlesey, the BROC Company 
and the Taxi Company, but in this case I 
had no money loaned or invested and was 
not responsible for the financing. I had 
had some experience since those days and 
it was amusing now to look on as one 

173 



AUTOBIOGRAPHY OF 0. P. FISHER 

could foresee the finish in a very short 
time, which inevitably occurred several 
months after I left the company. 

Upon delving into the accounts, trying to 
reconcile them between the different 
branches, I found a horrible state of af- 
fairs. They were practicing a systematic 
scheme of "kiting" checks between the 
branch houses, enabling them, as it was 
said, to keep in circulation and use $80,- 
000.00 in bank funds without paying inter- 
est, or giving security for same. The cash- 
ier had the system down fine, having a 
lot of branch checks on hand signed by the 
managers ready for deposit, which made it 
appear as though the branch had sent in 
its cash receipts. A correct record was 
kept of these checks and when they reach- 
ed the different banks, the branch manager 
had ready, checks of other branches to de- 
posit in payment of the checks presented. 

This looked like straight business be- 
tv/een the houses, but you know what hap- 
pened to the house that Jack built, it 
tumbled, and so will all business houses 

174 



PORTLAND, OREGON EXPERIENCE 

sooner or later that are not built on hon- 
orable business principles. I am divulging 
no professional secrets, as these facts were 
publicly known before the crash came. It 
is a wonder to me that firms of such char- 
acter exist as long as they do, and that 
bankers continue to be so unsuspecting. If 
the banks would club together and pay a 
decent salary to an expert, with large pub- 
lic accounting experience, who has seen the 
inside workings of hundreds of business 
firms, it would save them many big losses. 
As one having the privilege of seeing what 
is passing through different banks can 
easily detect things that are not genuine. 
It was stated that Mr. Eilers did not 
have the courage to sign the company's 
financial statement, in order to borrow 
money at the banks, therefore he kept a 
little German by the name of "Koester" 
who acted as treasurer, and being Eilers' 
"Friday," he was alw^ays on hand to "do 
the job." I began to close up the accounts 
w^hich they were carrying as good assets by 
charging off many thousand dollars in 

175 



AUTOBIOGRAPHY OF 0. P. FISHER 

worthless accounts to profit and loss, think- 
ing possibly I might strike "rock bottom" 
and get on a solid foundation, but the deep- 
er I went the more ?''quick sand'' I found and 
Mr. Filers soon saw I was going to make a 
house cleaning which would bring things 
to light. Thereupon he forestalled my ex- 
amination work and transferred me to the 
position of office manager. I then began to 
systematize the office work and bring about 
more efficiency in the employees' methods, 
which amounted to stepping on the toes of 
the inefficient, who were friends of Mr. 
Koester and Mr. Barnacle, the former of- 
fice manager who was now private secre- 
tary to Mr. Filers, this soon brought on an 
encounter with them. Mr. Koester taking 
the authority upon himself to dismiss me 
while Mr. Filers was in San Francisco. I 
paid no attention to him and went about my 
work as usual until Mr. Filers returned, 
when as he upheld his man "Friday" in his 
stand against me as he was very valuable 
to him in signing financial statements, I 
severed my connection with the firm. In 

176 



PORTLAND, OREGON EXPERIENCE 

the meantime he tried to cheat me out of 
money due me, to which I objected, where- 
upon he threatened to throw me out of a 
fifth story office window as he was twice 
my size, but I had absolutely no fear. 
Again while walking together in the hall 
he asked me to step into a dark piano 
store room with him, thinking to frighten 
me in this way. I stepped in and it was 
totally dark, but he did not lift a hand 
against me, merely trying to persuade me 
to settle on his basis. 

When in trouble or seeming danger keep 
cool and show no fear and you will come 
out unharmed. Seeing the company was 
going to be forced into the hands of their 
creditors and the business management 
taken out of his hands, with possible crim- 
inal action I compromised my claim and ac- 
cepted a settlement through my attorney 
which was satisfactory to me. He finally 
failed and I have read since that he has 
been indited several times for fraudulent 
transactions in the sale of pianos. Young 
man take warning and if you contemplate 

177 



AUTOBIOGRAPHY OF 0. P. FISHER 

going into business for yourself or with 
some one, keep your business transactions 
strictly honorable and if you find your 
partner to be crooked in his dealings, dis- 
solve partnership immediately, as all such 
business dealings end disastrously for all 
concerned. 

Leaving the Filers Company in August 
of 1914, I purchased a seven-room house^ 
boat at the Willamette Moorage Club, and 
moved into it, as house-boat colonies were 
quite the fashion in those days. My two 
youngest daughters Blanche and Marion, 
aged eighteen and fourteen respectively, 
were expert swimmers and consequently 
eager for the river life. We had every 
convenience, electric lights, city water, bath 
and electric range. I purchased a fine mo- 
tor boat and with our two canoes, father 
and mother with the five girlies enjoyed life 
together. We had about sixty house-boats 
in the colony and were a ten minutes ride 
from the city, on the Oregon City line. It 
was so fascinating that we spent two years 
there, including winters, as was the habit 

178 



PORTLAND, OREGON EXPERIENCE 

with many of our neighbors. The follow- 
ing summer our two expert swimmers, 
won the first and second prize in a three 
mile swimming race. 

The next year and a half I prospered in 
the public accounting business for myself, 
obtaining most of my work through an old 
Cleveland friend of mine Mr. 0. C. Bortz- 
meyer, who was then assistant cashier of 
the Scandinavian-American Bank, making 
some money and at the same time enjoying 
life on the river. 

Oregon was the first Pacific Coast State 
to go dry in the fall of 1915, consequently 
business tightened up considerably, making 
work scarce in the accounting line, and as 
I began to wish for larger lines of v/ork 
such as I had in New York, I decided to 
run down to San Francisco on a prospect- 
ing tour as that city is considered the New 
York of the Pacific Coast. It was about 
time for me to m.ake another change as I 
had to keep on the move, not that I wished 
to avoid bills, as my credit was good, but 
because I love a change in surroundings 

179 



AUTOBIOGRAPHY OF 0. P. FISHER 

and variety is the spice of life for me. My 
wife's mother, Mrs. Martha Pettit, who is 
now in her eighty-fifth year, living at Red- 
lands, California, used to say to me, "A 
rolling stone gathers no moss," I always 
replied, "I know, but I am gathering ex- 
perience," at the same time I was support- 
ing and educating five daughters and 
still able to save up a little cash for a 
rainy day. 

Leaving my family behind for the time 
being, until I made new business connec- 
tions, I bid good-bye to my friends and 
took the boat for the California m.e- 
tropolis. Following are copies of two let- 
ters I received, one from my good friend 
Bortzmeyer and one from the Chamber of 
Commerce before leaving Portland. 



180 



PORTLAND, OREGON, EXPERIENCE 

Vic« PxsioEHT O.C.BORTZMEVE«,a«.t.CaS«»«« 



CO VE(at IT MA.Y CONCERN: January 12tb, 1916. 

This is to certify that I have known llr. 
0. P. Pisher as a Banker, Bueineea man and Accountant 
for the past twenty years. The past two years he has 
been doing considerable expert accounting work for 
me in connection with several outside interests of 
mine. I have found him to be a first claca AceenntaEo, 
and a man of character and business ability, and can 
cheerfully recommend him to any one needing his 
aervioee. 



OCB:AH 



Yours truly. 



September 27th, 1916 

TO VHOK IT HAT COKOEBBi 

Ve taice pleasure in incrodnols^ 
Mr. Orion P. Flaher, formerly of this city, and t 
aenbar o; tbia oiganlsation. Ha haa proves Maaelf 
one of our representative businats men, and any 
ooaaideratloa 6i»wn bio in a business way, or any 
eowtealee exteitded bin, will be appreciated* 
Tery truly yours, 
^ PQH9UUQ) CEillBIS OF COIIUBBOS 




CHAPTER XL 

SAN FRANCISCO PUBLIC ACCOUNT- 
ING EXPERIENCE. 

I arrived in San Francisco, January 16th, 
1916, on the Great Northern Steamship and 
was thankful to arrive safely, after tossing 
for thirty hours on the old Pacific and 
about as sick all that time as any mortal 
could be. When we went over the Colum- 
bia River bar, the waves were dashing 
thirty feet high and great walls of water 
rose on both sides of the ship, riding up on 
the waves was fine but sliding down "0! 
My,'' any one who has had the experience 
knows how sick it makes the "tummy" 
feel, as mother Pettit used to say. For 
once my endurance did not hold out and I 
was "knocked completely off my pins." 
But on landing, having had no nourishment 
for more than thirty hours, I felt no bad 
results and secured a job next day. 

182 



SAN FRANCISCO EXPERIENCE 

Hearing that Klink, Bean and Company 
were the most aggressive firm of Public Ac- 
countants and Systematizers in the city 
and feeling that it might be wise to make 
connection with them until I became better 
acquainted, I accepted a proposition as 
senior accountant, at $150.00 per month 
for the time being. My aim was to be em- 
ployed and so get more experience in the 
accounting line, as the work was fascinat- 
ing to me. I was immediately sent out on 
a system job for a large pine box manu- 
facturing company, with branches in vari- 
ous coast cities and towns. Mr. Klink 
handled the auditing end of the business 
and was a very capable man having previ- 
ously been auditor for the Southern Pa- 
cific Company, for a number of years. He 
was somewhat conservative as he remarked 
once to me that he thought San Francisco 
was "large enough." He stood well with 
the business men and was a fine fellow gen- 
erally, something like Mr. Lybrand. Mr. 
Bean was quite the reverse in his manner 
having been a salesman for the Baker- 

183 



AUTOBIOGRAPHY OF 0. P. FISHER 

Vauter Company, stock systems, before 
going into business with Mr. Klink. He 
had charge of the system end of the busi- 
ness and was somewhat like Mr. Montgom- 
ery being quick in speech and action, and 
what he did not know about business sys- 
tems, was not worth knowing. One of 
the men with whom I was working, once 
remarked, "After Bean makes his first 
"spier' to a client about a system get him 
out quick before the client asks him how 
he would put it in and he "spills the beans/' 
He did the selling and the Sampson Broth- 
ers followed with the system staff, install- 
ing the system, while Mr. Mandlebaum, the 
office manager "sat on the lid" of the fi- 
nances, collecting the cash. Laying all 
jokes aside, K. B. and Co. are a good firm 
doing a fine business, and I would recom- 
mend them to any young man thinking of 
taking up accountancy and wishing to 
know of a good firm with which to connect. 
I would also recommend them to any firm 
or corporation needing the services of pub- 
lic accountants and systematizers. 

184 



SAN FRANCISCO EXPERIENCE 

When I engaged with the firm Mr. Bean 
gave me quite a talk on the big salaries 
they were paying their men, up to $400.00 
a month. By July 1st, 1916, having served 
about six months "apprenticeship," I 
thought it was time to "hit" Mr. Bean as 
they say for a little more pocket change. 
He very "generously" gave me a raise of 
$25.00 per month, making my salary $175.00 
saying no more about the big salaries they 
were paying. This raise was fine and it 
was much appreciated, as I was "coming up 
some" in the business world, getting back 
where I was sixteen years before when 
Mr. Ford so "generously" gave me a raise 
of $100.00 a year making me then $175.00 
per month. 

Of course the past sixteen years I had 
been sleeping like Rip Van Winkle of his- 
toric fame and had not gathered any more 
experience, so was not worth any more. 

K. B. and Co. "needed all the profits they 
could make to extend their business." I ac- 
cepted the $25.00 additional and made no 
complaint, Mr. Bean very kindly told me I 

185 



AUTOBIOGRAPHY OF 0. P. FISHER 

could look for another raise of $25.00 per 
month, at the end of the year, but after 
that he would not say whether he could 
give me another raise, he had evidently for- 
gotten what he told me about the $400.00 
a month salaries when engaging me to 
work for the firm. The next six months I 
was used on all classes of work, making 
examinations, audits, installing systems and 
supervising the work of junior accountants. 
The firm received $15.00 to $25.00 a day for 
my services. On one job I collected the 
$25.00 each day in gold turning it in to Mr. 
Mandlebaum, instead of "getting av/ay 
with it" as I had been falsely accused of 
doing in the past, when handling money. 
Mr. Bean kept his word and on January 
1st, he gave me $200.00 a month, but I did 
not stay long enough to enjoy my "big" 
salary. 

The latter part of January Mr. Klink 
having met Mr. Richard E. Mulcahy, resi- 
dent partner of the firm of E. F. Hutton 
and Company, Stock Brokers, he enquired 
of Mr. Klink for a man for the cashier^s 
position in their Los Angeles office. 

186 



SAN FRANCISCO EXPERIENCE 

Mr. Klink very generously asked me if 
I would like the position and as I wished 
to live in Los Angeles for a year or two, I 
said, "Yes, I will be pleased to accept." He 
introduced and recommended me to Mr. 
Mulcahy, and after a short talk with him 
I was engaged at $250.00 per month, to be- 
gin February 1st, 1917, and turned over to 
Mr. George A. Crawford, then auditor of 
the firm, for instructions regarding the 
Los Angeles work, before going down. 
Following is a copy of a letter I received 
from K. B. and Co. on August 28, 1918 
when on my way to New York from Los 
Angeles. 



Qfricma 

SAN FRANCISCa 



COWBESPONOENTS 



LOS AMOELE* ACCOUNTANTS ^ 'If*' ^"^^ 

OAKLAND BUSINESS COUNSELORS. CHICAQO 

OeVlSERSOFOUSINESS SYSTEMS. SEATTLE 

KOHL BUILDING. 

San Francisco. AmmRt pa iota 

TO mcSl IT MT OOBCERN. AUgUBii 28, 1916, 

This is to certify tliat Mr. 0, P. Fisher 
was employed by this firm from the period January 
1, 1916 to February 1, 1917, 

, .. I>axln«.thi8 period, Mr. Pisher eerved us 
in the capacity of senior accountant, and his work 
consisted of Inrestlgations and audit work inol- 
dental to that of a public accounting firm. 

His aerrloes were in every way satisfact- 
ory and we do not hesitate to recommend him to any- 
one requiring the serneee of ft competent and in- 
telligent aooountaat. 

Yours truly, 

CCMHSY, 




187 



CHAPTER XII. 

FIRST EXPERIENCE WITH 
E. F. HUTTON AND COMPANY 

February 1st, 1917, to August 1st, 1918. 

Once more leaving the accounting profes- 
sion, I reported for duty at the office of 
E. F. Hutton and Co. at 7 a. m. on Febru- 
ary 1st, this being the hour for opening 
the office on account of the three hours 
difference in time between New York and 
the coast. Mr. Mulcahy told Mr. Crawford 
to keep me in the San Francisco office for 
a month until I became familiar with their 
methods, as the Los Angeles office book- 
keeping was then handled in San Francis- 
co. Mr. Crawford was many months be- 
hind in his audit work and having the semi- 
annual audit report to make up for the 
New York office at the time, did not fol- 
low Mr. Mulcahy's instructions about me, 
using me for his own benefit exclusively 
in footing journals and ledgers for a solid 

188 



FIRST HUTTON CO. EXPERIENCE 

month. As a young junior accountant 
would say, "I 'footed my head off." But 
as figures went together for me, as you 
have seen letters jumping upon the screen 
announcing the title of the film in moving- 
picture theatres, it did not take long to get 
him up to date with his audit, although 
the work of footing columns of figures day 
in and day out for a whole month was rath- 
er monotonous, but the anticipation of go- 
ing to Los Angeles in a month on new 
work, kept me interested so the time went 
swiftly. 

Mr. Crawford was an emotional sort of 
person who "went up in the air," figura- 
tively speaking, quite frequently, when 
anything happened that angered him. Be- 
ing ignorant of his characteristics, I soon 
incurred his displeasure in attempting to 
show him how to make his work easier and 
that of the bookkeepers as well. But when 
the world is not ready for suggestions in 
efficiency, it seems useless for the man who 
has advanced ideas that are practical, to 
suggest them, as it is next to impossible to 
put them in force. 

189 



AUTOBIOGRAPHY OF 0. P. FISHER 

The journals before mentioned were 
three feet wide and two feet long when 
opened, containing numerous columns of 
figures, the entries for the month covered 
more than fifty pages and the column to- 
tals ran into the tens of millions. This 
system compelled the bookkeepers to turn 
their pages a thousand or more times dur- 
ing the month transferring the footings 
from the bottom of one page to the top of 
the following one, causing quite an eye 
strain. Carrying figures over in this way 
the bookkeepers very often made transpo- 
sitions of them causing loss of time in find- 
ing the errors, and in auditing their work 
it was very annoying to turn the pages 
back and forth in order to see if the totals 
were carried over correctly. I suggested 
to Mr. Crawford, that if he would have the 
journals made with every other page cut 
one-half inch short at the bottom and top, 
it would avoid carrying over the totals to 
the next page and in footing the colum.ns 
the bookkeepers would alternate on each 
page footing up and down. 

190 



FIRST HUTTON CO. EXPERIENCE 

Mr. Crawford in his previous brokerage 
business had been a floor man and cashier. 
He was neither an auditor nor an account- 
ant and his mind was somewhat dense on 
such matters, therefore he could not grasp 
what I was telling him about the labor 
saving journal. I told him I would illus- 
trate it to him, so one morning before he 
arrived, I found some old journals in the 
closet with a few blank pages in them, so 
I cut off the bottom and the top of every 
other page a half inch in one of them, and 
when he arrived, innocently thinking he 
v/ould be pleased about it, began to illus- 
trate my proposed plan. He immediately 
exploded like a shot out of a gun and went 
"up in the air," saying, "Do you not know 
better than to cut pages out of a record 
book? it would not hold in court." I tried 
to explain that the journal was not defaced 
where it had been used for records, but on 
a few blank pages, which did no harm. 
He was too unreasonable to be convinced, 
so I gave up the attempt. This was my 
first experience with him, I remarked, "I 

191 



AUTOBIOGRAPHY OF 0. P. FISHER 

hope I have not offended you in any way, 
I was honestly trying to lighten your 
work/' and resumed my work on the jour- 
nals thinking to myself, "The fools are not 
all dead yet/' Young man if you are a 
bookkeeper and have a big journal to keep, 
try my scheme if you have not already 
adopted it It will save you much labor 
and if my explanation is not clear to you, 
write the publisher for my address and I 
will explain it more fully. 

I brought Mr. Crawford's audit up to 
date by the first of the month as to journal 
footings, and was then sent to Los Angeles 
March 1st, 1917, taking the position of 
cashier and office manager in their Los 
Angeles office. I called upon Mr. B. E. 
Burns, the manager, with a letter of intro- 
duction from Mr. Crawford and was usher- 
ed into a dark and dingy room about twelve 
feet square in the rear of the building used 
for the cashier's office. 

I had my first encounter with Mr. Burns, 
when one day he came up to my window 
and threw in some securities, mumbling 

192 



FIRST HUTTON CO. EXPERIENCE 

something and walking away, leaving me to 
guess what he had said, similar to the way 
Mr. Montgomery did in the accounting 
jobs back east. When I quietly asked him 
later to tell me what he wished done with 
them, he blurted out in a rough manner, 
"I have told you" and walked away saying 
something about "block head" or "dummy," 
as near as I could m.ake out. I said noth- 
ing at the time but at the close of the mar- 
ket I walked into his ofRce and politely 
told him I had not come down there to be 
treated in such a manner, as I knew my 
business and when he had anything to im- 
part to me to do it in an intelligent gentle- 
manly manner, making his instructions 
clear, and if it was in my pov/er I would 
carry them out to the best of my ability. 
This took him somewhat by surprise as he 
saw I meant what I said. He was as "meek 
as a lamb" after that and we got along very 
well for the next seventeen months. 

Dear reader if you have to stand up for 
your rights, do it in a quiet dignified man- 
ner, let the other f ellov/ do the cussing and 

193 



AUTOBIOGRAPHY OF 0. P. FISHER 

if he calls you harsh names, just know it 
was done in the heat of passion and do not 
show resentment. Men use such harsh 
words when they have poor command of 
the English language having no better 
words with which to express their feel- 
ings. I never got in the habit of using 
cuss words, as my mother taught me when 
a little boy of six never to repeat such 
words audibly but to come and whisper 
them to her. In this way she disabused 
my mind of them and the habit was not 
formed. I do not wish to imply by this 
that "wings started to sprout" on me, for 
I have faults the same as other human be- 
ings, but have aimed to master them when 
logically shown me. 

I spent a year as cashier in this dark 
hole, which was unfit for a human being, 
where you could not see your figures a foot 
away from the electric light. On Decem- 
ber 20th, 1917, I wrote Mr. Mulcahy who 
was then in New York on business, that I 
would not work in such a dark room, as I 
had opportunities presented to me in the 

194 



FIRST HUTTON CO. EXPERIENCE 

public accounting profession which v/ould 
pay me more money, expert accountants 
being in great demand at this time on ac- 
count of war work. Mr. Mulcahy replied 
December 26th, as follows: 



CJP.HUTTON & COMPANY 

eiXTV ONE BROADWAY 



M e w voR K "'"'■;iS>"S4'"l''*' 



December 26th, J917. 

Mr. 0. P. Fisher, 

Cashier, S. T. Eutton & Co.^ 

Los Angelas, Oalifornla. 
Dear Slr:- 

Aokaowlodging receipt of yottr favor of 
Baoemher 20tli, I have gone over what you say very 
carefully and I would ask that you vfait until 1 
can have a, talk with you, upon my arrival eoolj 
after the twentieth of January. 

I want to tharik: you for your olose atten- 
tion and entirely eatlsfaotory way of handling your 
Xiepaxtasnt. 

WsMng yott a very Happy Hew Year, I am. 
Very truly yours, 

mi/9* 




195 



AUTOBIOGRAPHY OF 0. P. FISHER 

The latter part of January Mr. Mulcahy 
arrived in Los Angeles with Mr. E. F. Hut- 
ton, senior member of the firm, I had a 
conference with them and informed them 
were I to stay I must have more money, as 
the cost of living was increasing very fast, 
also that I must have a better lighted office 
to do my work as cashier. Mr. Mulcahy 
asked me how much increase in salary I 
wished. Knowing that Mr. Crawford the 
auditor and Mr. Harold Addoms, the cash- 
ier at the San Francisco office, v/ere draw- 
ing but $300.00 per month each, I did not 
like to ask for more, though I knew I was 
worth it, doing much more work than 
either of these gentlemen were doing, for 
instance I was handling all the cash and 
securities, making up slate entries from 
New York messages and verifying the cal- 
culations on all purchase and sales slips. 
So I named $50.00 increase making my sal- 
ary $300.00 per month, he replied, "Will 
you be satisfied with that amount?'' I an- 
swered, "Yes until the end of the year." 
From his reply I knew if I had asked for 

196 



FIRST HUTTON CO. EXPERIENCE 

$350.00 per month he would have given it 
to me, but I also knew it would make a 
bigger storm in the San Francisco office, 
than it did when they heard I had been 
raised from $250.00 to $300.00 having been 
with the firm less than a year. Mr. Mul- 
cahy turned to Mr. Hutton and said, "Mr. 
Fisher is an expert public auditor and we 
do not wish to make any change in the 
cashier's position at this time." So they 
gave me the increase dating it back to 
January 1st, 1918, although at first Mr. 
Hutton objected. 

Mr. Burns had a very nice light office 
room up in front, so Mr. Mulcahy said to 
him, "Burns why can't you use the back 
room for your office as you are not in it 
much and let Fisher have your office for a 
cashier's office?" he quickly replied that he 
could, but I very well knew that he did not 
relish the idea of giving up his light office, 
for a dark hole in the rear. So I spoke up 
and said, "I would not think of taking Mr. 
Burns' office from him," but could fit up a 
cashier's office next to his in a small room 

197 



AUTOBIOGRAPHY OF 0. P. FISHER 

then used by the customers, for periodicals, 
which I did with Mr. Mulcahy's permission. 
It was small but much better than the old 
one as I could dispense with electric lights 
in day time. 

During the early spring of 1918, the mar- 
ket was very active and I was kept on the 
jump from 7 a. m. to 3:30 p. m., many days 
eating no lunch until 2 p. m. With this 
close confinement, being on a nervous 
strain continually, from having to move so 
rapidly to take care of customers' pay- 
ments and securities. I lost about twenty 
pounds in weight, although in good health. 
My increase in salary arousing their jeal- 
ousy,' Mr. Crawford and Mr. Addoms 
watched the least little error in my work 
which went up to the San Francisco office 
making a big thing of it, for instance, in 
the rush of business, I once neglected to 
clip a 75 cent coupon from a liberty bond 
and omitted the v/ord "preferred'' on my 
New York delivery sheet when shipping 
securities, also gave the wrong initial in 
advising the name of customers making 

198 



FIRST HUTTON CO. EXPERIENCE 

payments, I was guilty but a few times in 
the latter case, as these errors were gen- 
erally made on the wire by an operator. 
This petty picking business was disgusting 
to me. They seemed surprised that an ex- 
pert public accountant should make a mis- 
take. But where "ignorance is bliss 'tis 
folly to be wise." 

A little incident occurred shortly after 
this which showed the erratic nature of 
the so-called auditor. It was very amusing 
to me when one of the boys in the San 
Francisco office told me the sequel to it 
two years later. I was under heavy bond 
as cashier, handling many millions of dol- 
lars in checks, cash and securities, with 
the "Mexican border only six hours distant 
by train," and was given a cash fund of 
$2500.00 to be used in accommodating cus- 
tomers when they wished to draw money 
on their accounts, to be reimbursed next 
day by check from the San Francisco office. 
This fund could be drawn upon at the bank 
by check only, signed by Mr. Burns and 
myself, but Mr. Crawford, being a little 

199 



AUTOBIOGRAPHY OF 0. P. FISHER 

dense on accounting matters, and appar- 
ently afraid the new cashier might appro- 
priate some of the funds, insisted upon my 
showing him how I had used this fund and 
that I report to him at the end of the 
month, by a detailed report, also how much 
I had on hand, which had not been the 
custom previous to this time. The bank 
statement was sent to him direct from the 
bank, with the cancelled checks, which in 
itself explained how the money was paid 
out. 

One month I thought I would have a 
little fun at his expense and keep him 
guessing. So before closing up my account 
for the end of the month, I deposited all 
the petty cash I had on hand, and all out- 
standing checks being paid, the cash fund 
was left intact in the bank, which, when 
balanced, and the statement sent to Mr. 
Crawford, showed the full fund of $2500.00 
in the bank, though my monthly report 
showed no cash on hand. This puzzled him 
causing him to wonder what I had done 
with the cash, as my previous statements 

200 



FIRST HUTTON CO. EXPERIENCE 

showed some cash on hand and an odd bal- 
ance in the bank, accordingly he wired me 
inquiring how much cash I had on hand 
and what the amount of my cash fund was, 
at the end of the month. I wired back, 
"None on hand, cash fund $2500.00 just as 
the bank statement shows, it could not be 
otherwise." The last sentence was too 
much for him, the boys said if he tore up 
one telegraph blank he tore up forty in the 
effort to write me a message, muttering to 
himself all the time, "Fll teach that man 
Fisher to send me such a message." I nev- 
er received his reply as I heard he filled 
the waste paper basket and gave it up in 
disgust. There are many such amusing 
characters in business, but they should be 
doing the work of stevedores where they 
would have a chance to explode without 
disorganizing the whole office force. He 
was in the wrong place, should have been 
with Charlie Chaplin in the movie come- 
dies. 

As time went on a great many serious 
errors were made in Mr. Crawford's de- 

201 



AUTOBIOGRAPHY OF 0. P. FISHER 

partment pertaining to Los Angeles cus- 
tomers' accounts which were very annoy- 
ing to them. About May 10th, Mr. Burns 
wrote Mr. Mulcahy in New York saying, 
"As the business is a little quiet may we 
not put Mr. Cohn, the slate man, on the 
cashier's work and let Mr. Fisher go up to 
the San Francisco office to systematize it, 
as he is a professional systematizer.'' Mr. 
Mulcahy replied, saying, "I have never 
doubted Mr. Fisher's ability to handle the 
Los Angeles cashier's work, but I do not 
think Mr. Fisher appreciates how much 
there is to do at the San Francisco office," 
and I believe he was honest in his state- 
ment, as he knew nothing about account- 
ing, systematizing and auditing or he 
would never have put Mr. Crawford on the 
job, when he knew he had had no experi- 
ence in that line. Mr. Mulcahy's experi- 
ence had been in railroad telegraphing and 
the general managing of a stock brokerage 
business. I replied saying, "I do not wish 
to be officious but as a public systematizer 
having many years experience in various 

202 



FIRST BUTTON CO. EXPEEIENCE 

lines, I would put up $1000.00 cash as a 
guarantee that I could go to San Francisco 
and systematize the office reducing the ex- 
penses more than $3000.00 a year and 
avoid disorganizing the office force while 
doing if He never answered and I 
learned two years later that he sent the 
letter to Mr. Crawford who showed it 
around the office and had a good laugh over 
it, to think of my presuming to make such 
an offer as they considered me an "ama- 
teur'^ in the stock brokerage business, but 
"he who laughs last laughs best,'' as the 
old saying goes and I had mine a year and 
a half later. 

By July 1st, Mr. Mulcahy had returned 
to the coast and things were getting worse 
at the San Francisco office. Mr. Burns 
had me write a letter to Mr. Crawford, 
criticising his department and the errors 
being made in the statements that were 
sent down to the customers, signing it him- 
self. When Mr. Crawford received it he 
knew by the wording that Mr. Burns had 
not written the letter and accused me of 

203 



AUTOBIOGRAPHY OF 0. P. FISHER 

writing it. Later he went to Mr. Mul- 
cahy and complained that Mr. Fisher was 
criticising his department, Mr. Mulcahy be- 
ing of Irish descent and very quick tem- 
pered taking no time to investigate, 
grabbed for a telegraph blank and wired 
Mr. Burns, saying, "Mr. Fisher has a ^chip' 
on his shoulder and is criticising Craw- 
ford's department and it will have to stop 
or there will be a change." I wired him 
back next day, July 15th, tendering my 
resignation to take effect at the close of 
business July 31st, his reply was as fol- 
lows: 

l^'Si^^. E . F. H U TTO N 8c CO M PA NY _ """r^-.- 



LOS ANCELCS.CAU 



^. 0. P. Flshor. Cashier, rSteenth 

nr^^^t^Fo^tSit:? "= '°' ' ^^^«*^^" ^-^"^ ^«^*-°- 

Los Angeles, Calif. 

Dear Sir:- I have your telegram 
of this date, tendering your 
resignation as Cashier of the 
Los Angeles Office, effective 
July 31st. 

Your resignation la accept- 
ed. I will arrange to relieve 
you at the time designated. 

Trusting your new field of 
employment will be lucrative, I 
am, 

'Tery^ truly yours 
SEU/S, 




204 



FIRST HUTTON CO. EXPERIENCE 

I had had plenty of business controver- 
sies and dealings with unreasonable people 
in former years and did not propose to 
spend my time where it was not appreci- 
ated, when I could walk into a position as 
good or better any day. 

Having now been five years on the coast, 
I thought it would be an interesting change 
to return to the east and make comparison 
between the east and west since I had had 
experiences in both. Then I wished to see 
if after living in the east for a time, the 
longing would come to return to the coast, 
as is said to be the case with eastern peo- 
ple who come out to the coast and return. 
And I honestly confess after one year in 
New York and Washington, D. C, I longed 
again for the cool days in old San Fran- 
cisco, in the good old summer time with its 
winds and fogs, though with clear days 
predominating the greater part of the year. 

Upon receiving a letter of recommenda- 
tion from Mr. Burns, a copy of which is 
given here, I left the office July 31st, and 
came to Oakland, California, where my 

205 



AUTOBIOGRAPHY OF 0. P. FISHER 

family was located, two of our girls at- 
tending high school there. After taking a 
months vacation I left my family on the 
coast and returned to New York City to 
re-enter the public accounting profession, 
as the papers were full of advertisements 
soliciting expert accountants for public ac- 
counting firms, so taking my wife with me 
as far as Portland, Oregon, to visit two 
daughters there, I left for New York, Sep- 
tember 1st, on the Canadian Pacific R. R., 
arriving in that city September 10th, 1918. 
o'?:;;.°;.:'r:. e. f. hutton & company „.^.*:; 



HOME OrPICK ilwY^Vtii^ 

SIXTY-ONE BROADWAY chicam »><>>ror~ntAOC 

NKW YORK 



July 31st, 1918. 

TO WHOM IT MAY COUCEEU. 
TMs Is to certify that the 'bearer, 
Mr. 0. P. Plsher, was employed, by this firm 
at the Los Angeles Office as Cashier for the 
past seventeen months, and resigned of hia own 
Tolition to re-enter the Pablio Accounting 
profession. Ee has given entire satisfaotion 
in his Department, and I can recommend hin 
as a first-class ecoountant. and a man of 
ahility. 



Yours truly. 



^^^eS\:ybSos/^ 



BEB/LF. Vanag«r« 

206 



CHAPTER XIII. 

MY SECOND NEW YORK PUBLIC 
ACCOUNTING EXPERIENCE 

Having accumulated a lot of surplus en- 
ergy during the past six weeks, I was again 
ready to put on the harness and get busy. 
Wishing to work for a different account- 
ing firm in order to learn new methods if 
possible, I called upon the firm of Haskins 
and Sells, C. P. A.'s on Broad Street and 
engaged with them at $70.00 a week. I 
felt I was worth more, but as my family 
had now grown up and were partly self- 
supporting, money was not the first con- 
sideration, as on this amount while waiting 
for advances I could save up quite a little, 
and add to what I already had. My tastes 
were modest and the "Great White Way on 
Broadway" did not attract me as a place 
to spend money. The firm was glad to se- 
cure me, as managing seniors were scarce. 

207 



AUTOBIOGRAPHY OF 0. P. FISHER 

After looking over their ofnce vs^ork for a 
day or two, I was assigned to an insur- 
ance audit, then to a mining company 
audit, later put in charge of the Colonial 
branch of the Equitable Trust Company 
audit, then worked with seventy other ac- 
countants on the Guarantee Trust Com- 
pany audit the largest trust company in 
the United States. When I turned my work 
into the office the staff manager told me it 
was satisfactory, that they liked me and I 
would make them a good man. 

When I had been with the firm for a 
month they promised to take care of me 
by an increase in salary. But up to No- 
vember my pay envelope still contained 
$140.00 for a two weeks salary though I 
had been doing some special examination 
work in one of the large newspaper offices 
and had several assistants under me work- 
ing until ten o'clock at night, receiving no 
overtime, while they were charging their 
client $35.00 a day for my work of seven 
hours each and with the overtime I was 
putting in, as it was a rush job, they were 

208 



SECOND NEW YORK EXPERIENCE 

getting $55.00 a day for my v/ork besides 
the profit of my assistants, while I was re- 
ceiving but $11.67 a day. I also v/orked 
overtime nights and Sundays on the Guar- 
antee Trust Company audit, but they 
claimed the paying for overtime was at 
their option. I then informed the staff 
manager that I must have more money or 
I would return to the coast as I could do 
as well there and expenses were lighter 
than in New York. He said, "Now just 
leave it to me, Fll take care of you,'' 
"stringing me along," as I learned after- 
wards, to use me during the rush season 
which was coming in January. I took him 
at his word thinking I would wait and see 
what he would do for me after the first of 
the year. When supposing he had satisfied 
me, and that I intended staying with them, 
he put me in charge of two large prelimin- 
ary audits where I was to bring the audit 
work for the past year up to date, then go 
back and finish it after each company's 
books were closed, the first of the year, 
make up schedules and report. One of 

209 



AUTOBIOGRAPHY OF 0. P. FISHER 

these audits was to be made for a large 
ore mining and pig iron furnace com- 
pany, having mills and furnaces in Penn- 
sylvania and New Jersey, doing a business 
of many millions, the other audit was for 
the Harvey Hubbell Company at Bridge- 
port, Connecticut, manufacturing the pull 
socket electric light fixtures, on which they 
were charging $35.00 a day for my services 
and $20.00 for my assistants. 

I brought these audits up to date by the 
last of December, and on January 1st, 1919, 
I was assigned to take charge of the Royal 
Baking Powder Company audit with sev- 
eral assistants, to complete it, as it had 
previously been brought up to December 
1st. It was a rush job, consisting of get- 
ting out reports for their annual 
meeting and making up consolidated state- 
ments of subsidiary companies. The com- 
parative statement of earnings when 
opened up on the desk was four feet long 
by two feet wide and naturally a very in- 
teresting one. 

It was now the second week in January 
210 



SECOND NEW YORK EXPERIENCE 

and I was surely expecting to find due 
compensation in my pay envelope for the 
strenuous work I had done the past two 
months on these big audits, paying the firm 
hundreds of dollars. But the heart was 
taken out of me on opening my envelope to 
find the same old pay. I felt it v/as use- 
less to ask for any more money, so I walked 
into the office of the staff manager on 
Wednesday and said to him I was going to 
leave on Saturday as I could not afford to 
work for $70.00 a week considering the 
high cost of living, so had decided to go 
where my services would be better appre- 
ciated, and that if I could not make at least 
$100.00 a week the coming year and $125.00 
the following in the accounting line includ- 
ing overtime work I had better leave it, as 
I had had many years of managing senior 
experience and I knew that accounting 
firms v/ere charging an increased fee per 
day for their men from $25.00 to $35.00 
per day on senior work. 

He was angry at me for leaving at that 
time of the year with the two afore men- 

211 



AUTOBIOGRAPHY OF 0. P. FISHER 

tioned preliminary audits awaiting me to 
finish, apparently forgetting what he had 
told me a couple of months before about my 
good work, so he quickly replied, "You 
can't get out any too d-— quick, I knew you 
would do this." He ordered the lady cash- 
ier to pay me for the three days, and I 
quickly reminded him I was employed by 
the week and was leaving Saturday. He 
then instructed her to pay me for the full 
week. I called his attention to the fact that 
I had put in overtime which amounted to 
$85.00 for which they charged their clients 
and I had received nothing. He said they 
did not pay overtime, and ordered me out 
of the office, I then took the matter up with 
Mr. Wildman, one of the members of the 
firm, who said the same thing, regarding 
pay for overtime, but was more reasonable 
than the staff manager, saying, if I felt 
there was anything due me, to write him a 
letter and he would take up the matter 
with the other partners, I told him my 
overtime work amounted to $85.00 but I 
would take $50.00 in settlement. 

212 



SECOND NEW YORK EXPERIENCE 

Now the reasonable thing for the staff 
manager to have done, when he knew he 
needed me at this rush season, because 
good accountants were hard to get, would 
have been to have paid me what I felt I 
was worth, when I was earning good mon- 
ey for the firm, and then given me the op- 
tion of taking a reduced salary in the dull 
season or being dropped from the staff. 
But too many business men and managers 
hold themselves so far above their employ- 
ees they forget to be human. Some of my as- 
sistants told me they gloried in my indepen- 
dence and wished they were in a position 
to defend themselves as I had done, saying 
they were being paid but $7.50 a day and 
they had been put on jobs where they knew 
the firm was charging $35.00 a day for 
their time, but they just had to grin and 
bear it, as they could not afford to give up 
their jobs, their salaries barely meeting 
their expenses during the high-cost-of-liv- 
ing period. 

I wrote Mr. Wildman as requested and 
went over to see James Barr and Company 

213 



AUTOBIOGRAPHY OF 0. P. FISHER 

C. P. A/s in the Woolworth Building, en- 
gaging immediately with them at $15.00 
per day to finish a big investment company 
audit, on which one of their accountants 
was working alone. Mr. Barr was a gentle- 
man and a very nice young man to work 
for, paying me overtime. The first week 
I made $125.00 and in all about $500.00 the 
next five weeks, while working for them. 
While working on this investment com- 
pany audit, I called Mr. Wildman on 
the phone and asked him if he had received 
my letter, as I had not heard from him re- 
garding the overtime^ he said they had and 
had discussed the matter, but decided they 
could not pay for overtime, as it was 
against their rules, I told him I would place 
my claim in the hands of an attorney for 
collection and if payment was refused I 
would instruct him to bring suit and have 
it tried before a jury and if he beat me I 
would take my "hat off" to him. He refused 
to answer and hung up the telephone im- 
mediately. I made out my bill for over- 
time in detail showing the jobs I had work- 

214 



SECOND NEW YORK EXPERIENCE 

ed on amounting to $85.00 and gave it to 
an attorney for collection. He presented 
it to them and collected the full amount, I 
guess they thought twice before allowing it 
go to court before a jury for decision. It 
is too bad that sometimes one is forced to 
resort to such means to get his rights, we 
need more justice in business, all firms 
should take more interest in their employ- 
ees' financial welfare, then such things 
would not happen. If Haskins and Sells 
had not charged overtime to their clients 
it would have been a different matter, as 
any loyal accountant would have felt like 
helping them out, but to charge their client 
$55.00 a day for my services for two weeks 
working eleven hours a day and receiving 
but $11.67 a day was a little more than I 
could let them get away with after "string- 
ing" me along as they had done promising 
me more money to keep me over the rush 
season and then finding the same amount 
in my envelope four months after I was 
employed, at a very small salary for the 
character of work I was doing. Some firms 

215 



AUTOBIOGRAPHY OF 0. P. FISHER 

get away with it if you let them, and most 
employees are in such financial condition on 
account of insufficient salary to take care 
of their living expenses, that they are com- 
pelled to submit, but the day is coming and 
not far distant, when the employer will 
wake up and see that to get the best effi- 
ciency out of his employees, he must be 
more human and give them a living wage 
with a surplus for good work delivered. 

At the time I engaged with James Barr 
and Company the Governm.ent was adver- 
tising in the papers for expert accountants 
to go to Washington, D. C, and work for 
the Internal Revenue and Excess Profits 
Tax Bureau, at a salary of $4200.00 per 
year. This attracted me as I wished the 
income tax experience so I filed my appli- 
cation, for the civil service examination, 
notifying Mr. Barr of this fact, in order 
that he might not be disappointed should I 
pass and sever my connection with his 
firm. The third week in February I was 
notified by the Government to report to 
the Treasury Building at Washington, D. 

216 



SECOND NEW YORK EXPERIENCE 

C, at once. I bade Mr. Barr good-bye, 
he regretted parting with me as he liked 
my work and wished me to take an interest 
in the business with them.. Reader I 
wish to say here if you are an accountant 
and should go to New York at any time 
looking for accounting work call upon this 
firm and they will treat you right. 

I can also recommend them to any one 
needing the services of competent and re- 
liable certified public accountants or in- 
come tax experts, as Mr. Barr has special- 
ized on the income tax laws and is well in- 
formed and up-to-date on all income tax 
matters, as well as matters of accountancy, 



217 



CHAPTER XIV. 

MY U. S. GOVERNMENT EXPERIENCE 
AS AN INCOME TAX EXPERT 

I reported at the Treasury Building 
Washington, D. C, the following Monday 
morning and was assigned to the Income 
and Excess Profits Tax division to audit 
corporation income tax reports. My pass- 
ing grade in the civil service was 98 per- 
cent in physical condition being then past 
fifty-one years of age and 90 percent in ed- 
ucation and experience putting me in the 
highest class which was class three. From 
4 p. m. to 5 p. m. every day we all attended 
lectures by experts on Income Tax of in- 
dividuals, Excess Profits Tax of corpora- 
tions, Lav/ and other subjects pertaining 
to tax matters. At the same time studying 
the tax laws and making a practical ap- 
plication of same when examining and 
auditing Income Tax reports. This con- 
tinued for several months, during which 
time I was transferred to the section of the 
Corporation Consolidated Excess Profits 
Tax returns and from there in a couple of 

218 



U. S. GOVERNMENT EXPERIENCE 

months to the Trade Section as a sectional 
head, having several young men under me 
whom I instructed in the law and auditing 
of returns. 

Soon this work became very monotonous 
to many of us, who had been expert ac- 
countants for public accounting firms, 
where we were moving about from place to 
place on different work and meeting new 
people continually, as when we entered the 
Civil Service the understanding was, we 
would be in Washington but a short time, 
being then sent out to examine corpora- 
tions in different parts of the country. 
But once in Washington, tangled up in the 
government machinery, it was a difficult 
matter to free one's self. 

Things moved very slowly, especially to 
one who, like myself, had plenty of surplus 
energy and wished to go where he could 
work some of it off, but nay verily, it can 
not be done in the government civil service. 
The saying went around among the hun- 
dreds of thousands of employees, "sit tight 
and pass the buck." I was told by one of 
my young men who had been in the service 

219 



AUTOBIOGRAPHY OF 0. P. FISHER 

for a number of years, that when he was 
in the insurance department he made out 
checks on the treasury for millions of dol- 
lars signing them himself and then mak- 
ing the entries on the books, no one check- 
ing them until months after when the slow 
Government machinery got around to audit 
his accounts. Had he been dishonest he 
could have had a million and been in Eu- 
rope living in fine style before it would 
have been discovered. He said many thou- 
sands of dollars in checks were sent out 
for insurance claims to the wrong parties 
and w^hen discovered and the inspectors 
would go to recover them, the parties, wid- 
ows in most cases who had lost sons in the 
war but had no insurance, thought because 
the Government had sent it to them, it be- 
longed to them and they spent it. Little 
do the poor tax payers know where a lot 
of their money goes. He told me of an- 
other case where a young married man, 
who had a month sick leave, was away 
three months building a house, drawing 
his salary all that time and was never miss- 

220 



U. S. GOVERNMENT EXPERIENCE 

ed. I do not doubt it in the least from 
what I observed while in the service. 

It is said that the late Theodore Roose- 
veltj when President, once tried to clean up 
the Treasury with his "big stick" and work 
out some system, but gave it up as a bad 
job. I was told while I was there that one 
of the departments had an expert system- 
atizer come down from New York to sys- 
tematize the department but he was soon 
run out and did not accomplish anything. 
Up-to-date- systems and efficiency methods, 
the old employees think would bring to 
light too many things and many would be 
looking for jobs, where they would be re- 
quired to work instead of "sitting tight and 
passing the buck.'' But what can you ex- 
pect when the Government is run mostly 
by politicians who have their friends for 
whom they wish to find positions. The 
remedy will only come when business meth- 
ods are used such as those in up-to-date 
business firms and corporations. 

To break the monotony of our work we 
finally got an order through the treasury 

221 



AUTOBIOGRAPHY OF 0. P. FISHER 

department to send out a special delega- 
tion of the high-grade accountants to dif- 
ferent parts of the country to ascertain 
how corporations were going to claim am- 
ortization on their war equipment. I was 
selected as one of the accountants to be 
sent to Chicago, taking an assistant with 
me. We called on such firms as the Mc- 
Cormick Harvesting Company, the Moline 
Plow Company at Moline, Illinois and many 
other well known big corporations, going 
through their accounts and obtaining in- 
formation. Upon the comipletion of this 
special work I returned to Washington 
June 1st, and made up my report. 

By this time it was growing quite hot in 
the city and to be closely confined in the gov- 
ernment buildings was rather uncomfort- 
able for "free lancers" like public account- 
ants, so I brought to bear all the nerve 
force and energy I had, trying to get an 
order through, sending me out again on 
some special work. But for two weeks af- 
ter completing my report, I had to grit my 
teeth and bear the hot weather thinking of 
the cool days in San Francisco. The in- 

222 



U. S. GOVERNMENT EXPERIENCE 

come tax bureau was trying to hold as 
many men as possible in Washington to do 
the auditing there, many who were away 
from their homes were anxious to return 
as soon as they received instructions on the 
income tax laws, but almost all on exam- 
ining the returns, found it would be more 
satisfactory to see the tax payers' books 
than to correspond about further informa- 
tion. 

About this time a new department of 
high-grade accountants was formed to ex- 
amine complicated returns, meet tax pay- 
ers, or their legal representatives and dis- 
cuss tax matters and points of law with re- 
gard to things in dispute. I was selected 
for that department and interviewed by 
the head of the department for more than 
an hour, he made every effort to prevail up- 
on me to settle down in Washington with a 
"life job.'' Said I was an ideal man for 
such work as I was then past fifty and had 
been many years in the accounting busi- 
ness. I could not see it that v/ay as I had 
led a very active life and to be buried, as I 
thought, in a government position for life 

223 



AUTOBIOGRAPHY OF 0. P. FISHER 

with no activity or change was not to my 
liking. I heard afterwards he considered 
me very foolish to refuse such an offer. 

There were many thousands of men no 
doubt who would have appreciated such an 
opportunity at $4200.00 a year working six 
and a half hours a day v/ith one m.onth's 
vacation every year and very little to do at 
that, as the work consisted mostly of tak- 
ing up matters with tax payers who called 
to obtain information on tax questions. 
But everybody to his liking, this work did 
not appeal to me. By June 25th, I pre- 
vailed upon the head of the department, 
who had charge of the special out-of- Wash- 
ington work a month previous, to extend 
that work to the Pacific Coast, which he 
did, obtaining an order from the Treasury 
Department sending me to the coast as a 
special representative of the Government 
to examine ship building corporations, as 
to their amortization of war equipment and 
building and loan companies as to their 
co-operative plan of operations, therefore 
my mind relieved I started for the coast 

224 



U. S. GOVERNMENT EXPERIENCE 

arriving in San Francisco on the afternoon 
of June 30th, 1919. 

The following week I went to Seattle, to 
examine the ship building companies and 
building and loan companies there, then to 
Tacoma and Portland and back to San 
Francisco July 31st. After spending about 
tv/o weeks examining the companies in San 
Francisco and Oakland I went to Los An- 
geles and Long Beach, to do the same work 
there. The Government officials in Wash- 
ington, D. C., have a habit of sending out 
notices to do this or that immediately, no 
questions are supposed to be asked, v/hy 
this or why that, just "sit tight and pass 
the buck" and do as you are told by those 
in authority. It was now August 15th, I 
had gathered up some valuable information 
regarding amortization of war equipment 
and co-operative building and loan opera- 
tions and had notes ready with v/hich to 
make up a report, my special work on the 
coast costing the Governm.ent about 
$1000.00, but that was merety an atom com- 
pared with the millions that had already 

225 



AUTOBIOGRAPHY OF 0. P. FISHER 

been spent in foolish ways by government 
officials. 

August 15th I received a letter from the 
Treasury Department ordering me to drop 
my special work, report immediately to the 
Internal Revenue Agent in charge at San 
Francisco and take my oath as a Revenue 
Agent. I did as I was ordered returning 
to San Francisco, but the work I had done 
was a complete loss, as the Government 
never called for a report. I learned a few 
months later from one of the men who was 
transferred to the coast that the depart- 
ment for which I was working obtaining 
this special information had been abandon- 
ed. 

In order to show the inefficiency of many 
of the governmental departments I will re- 
late a little incident that was told me by 
a Cleveland, Ohio, manufacturer who 
spends his winters in Los Angeles. He 
said his factory had received an official 
requisition from Washington to manufac- 
ture several tons of guy rope wire for aer- 
oplanes, which, had they followed instruc- 
tions would have kept their entire plant 

226 



U. S. GOVERNMENT EXPERIENCE 

working day and night for two years. He 
knew the Government could not possibly 
require such a large quantity and on tak- 
ing up the matter with the department 
found the order should have been for 
that many thousand feet instead of tons. 
He was an honest business man but if the 
order, as first made out, had fallen into 
the hands of a profiteer, he would have seen 
a big profit in it and loaded the Govern- 
ment with sufficient guy rope wire to have 
circled the globe several times. The profi- 
teer would have received his money and 
Uncle Sam would have had a big junk pile 
to dispose of as he has had in so many oth- 
er cases. 

Were there to be appointed at Washing- 
ton, specialists in different lines for Gov- 
ernment department work, many millions 
would be saved for the tax payers. But 
to bring this about seem_s well nigh im_pos- 
sible. I am not criticising the Government 
as a whole for I am a part of the body 
politic of the Government, but I do 
criticise som.e of its officials, whom I have 
met, and know they show no more business 

227 



AUTOBIOGRAPHY OF 0. P. FISHER 

ability in their present positions than so 
many school boys. It is a difficult matter 
to adjust until public sentiment is suffici- 
ently aroused to demand that the Govern- 
ment be run on business principles with ef- 
ficiency. Each department should be au- 
dited periodically by outside independent 
public accountants and efficiency experts, 
the reports being made public, and I have 
not the least doubt but that the expenses of 
the Government could be reduced at least 
one-third including the expense of the pub- 
lic audits and examinations. We should 
have publicity in the government v^ork, as 
every loyal citizen has a right to know all 
its workings. Some day this will be 
brought about even if I have to start the 
agitation myself. 

Some years ago my good and loyal friend 
and chum Mr. George H. Williams, who has 
been with the William Bingham Hardware 
Company, Cleveland, Ohio, for thirty-five 
years, said to me in a joking way when I 
had made him some money on a stock deal, 
that he expected to see me Secretary of the 

228 



U. S. GOVERNMENT EXPERIENCE 

Treasury some day, but instead I would 
prefer being a $1.00 a year man, head of 
an efficiency bureau at Washington, laying 
out department work for public account- 
ants all over the United States at a fair 
profit to them, and making a thorough 
house-cleaning of all the departments. At 
another time my friend Williams wrote me 
if he had had as many ups and downs as 
I had experienced he would long since 
have been in the poor house. 

The trouble with most men who hold one 
job for years is that they become narrowed 
in business thought, fearing if they lose 
their positions and fail to obtain others in 
the same line they will be down and out, 
they work most of the time with a tired out 
feeling, as the same thing year in and year 
out gets very monotonous, it is eat, sleep, 
get up and go to work, with little interest 
in it, while the man who takes up different 
lines broadens out, all work looks alike to 
him and he has no fear, as he is always in 
demand in some line. I mean no reflection 
on my old chum, as he is a very capable 

229 



AUTOBIOGRAPHY OF 0. P. FISHER 

man in his line, but he is one in a million 
that I know would like to break away from 
the monotony of his work, but is afraid to 
do it as a regular salary every month for 
years means a lot, when one has heavy ex- 
penses to meet continually. 

To get back to my story: Arriving in 
San Francisco, from Los Angeles. I went 
immediately to the Internal Revenue 
Agent's office and told him I was ordered 
to take the oath as a Revenue Agent to 
work on his staff examining corporations 
for incorrect tax returns. As the Revenue 
Agent in charge was receiving but $4000.00 
a year and I $4200.00 as a traveling auditor 
for the Government, working under him I 
could not retain my auditor's salary. So I 
was compelled, for the time being, to ac- 
cept $3600.00 a year the highest salar^^ 
paid to a Revenue Agent, very few receiv- 
ing that amount. I was assigned to exam- 
ine a company in Oakland v/hich required 
about two weeks time. I made an exam- 
ination of their books also made up an 
amended return increasing their tax a few 

230 



U. S. GOVERNMENT EXPERIENCE 

hundred dollars which I sent to Washing- 
ton. A year and a half later I met the 
president of the company one day on the 
street and he informed me that he had just 
received notice from Washington to pay 
the additional tax. This is an example of 
the slow workings of the Government ma- 
chinery to which I have referred in the 
forepart of this chapter. 

My next job was with a large company 
in San Francisco where I spent two months 
examining their accounts running back as 
far as 1909 and found they had withheld 
from their tax report $60,000.00 in profits 
which was not included in the report of a 
tax expert who made up their return. I 
assessed them $10,000.00 additional tax, I 
doubt very much if the Washington Tax 
Bureau has yet collected the same, and it 
is now two years since I finished this work. 
The examination work was very interest- 
ing but the red tape used by the Gov- 
ernment in making out reports consumed 
much valuable time, which was very annoy- 
ing to one believing in efficient methods. 

231 



AUTOBIOGRAPHY OF 0. P. FISHER 

As we were allowed two and a half days 
leave each month and I had now been in 
the service eight months I was given a 
leave of absence for twenty days with pay 
from November 1st, 1919, through an official 
notice from the Treasury Department. 
But as I resigned at the end of the tvv^enty 
days, some department head at Washing- 
ton took advantage of a technicality in the 
civil service law, Vv^hich states that vaca- 
tions are not allowed if one is transferred 
to another department, though this law is 
not always lived up to, accordingly when I 
received my salary at the end of the month, 
I was paid for five days only, losing fif- 
teen days, amounting to $150.00. I had 
written the department at Washington that 
I wished to take a vacation upon finishing 
my special work as traveling auditor, how- 
ever no attention was paid to it and the 
order came to report as a Revenue Agent. 
One cannot expect justice at the hands of 
some of these Governm.ent officials as their 
work is handled by clerks, no attention be- 
ing paid to personal demands, or the rights 
of individuals. 

232 



U. S. GOVERNMENT EXPERIENCE 

Thus ended my career as a Government 
civil service employee although eligible for 
reinstatement at any time as a Revenue 
Agent at a salary of $3600.00 per year or 
as an Auditor at Washington at $4200.00 a 
year, as leaving the service and going into 
another line of business, other than an 
Income Tax Expert, entitles one to return 
in good standing. So I have that to fall 
back on for a livelihood should I need it be- 
fore turning up my toes and saying "good- 
bye, I am off to the next state of existence, 
to examine and see if they run things with 
efficient methods there." My imagination 
is keen with a love for variety and change, 
as I thoroughly enjoy exploring new things 
and getting new ideas. I have never fear- 
ed what is called death to this mortal body, 
for I am confident if there is a place be- 
yond, it will be worth exploring, so I anti- 
cipate a happy and enjoyable time ahead, 
v^hen my experiences in the present state 
of existence are at an end. 



233 



CHAPTER XV. 

MY SECOND EXPERIENCE WITH 
E. F. HUTTON AND COMPANY 

November 1st, 1919, to September 1st, 1921. 
Upon arriving from Washington, D. C, 
and before going to Seattle to take up the 
government work assigned me, I called to 
see my old friends at the E. F. Button and 
Company office, after talking to the boys 
for some time, Mr. Crawford the Auditor 
passed through the room, thinking he was 
a big enough man to forget the little "tilts" 
we had had over the wire, I passed him my 
card as traveling auditor for the Govern- 
ment and spoke to him, when he looked at 
it he slammed it down on the desk, without 
a word and rushed away in an excited man- 
ner. I paid no attention at the time but 
later walked into his office and said, "Have 
you still got the 'chip' on your shoulder?'' 
at the same time reaching out my hand to 

234 



SECOND HUTTON CO. EXPERIENCE 

touch him on the arm. He jumped back as 
if a snake was about to bite him, and said, 
in an excited manner, "Yes Sir don't touch 
me," why, I said, "I just called out of cour- 
tesy," he retorted, "You don't owe me any 
courtesy," and walked hurriedly out of his 
office. Such people are to be pitied, they 
have much to work out of in this life and 
carry with them in thought a lot of un- 
pleasant things that will do them no good 
here or hereafter. 

A few days later while walking along 
Montgomery Street, I met Mr. H. E. Doo- 
little one of the bookkeepers in the Los 
Angeles department, coming back from 
lunch with one of the boys. He asked to 
be introduced to me, as he began work for 
the firm after I left for Los Angeles in 
1917, and had never met me. He knew of 
the proposition I had made Mr. Mulcahy 
about systematizing the San Francisco of- 
fice, therefore the first thing he said, was, 
^'Fisher for 'heaven's' sake come in and 
systematize our business, we are working 
like slaves day and night and the work is 

235 



AUTOBIOGRAPHY OF 0. P. FISHER 

in as bad condition as when you were cash- 
ier at Los Angeles, Mr. Crawford does not 
know how to straighten things out." Know- 
ing Mr. Mulcahy's disposition to resent sug- 
gestions, through his f aikire to reply to my 
letter of a year previous, I made a friendly 
call upon him at his office and did not men- 
tion the matter. Although I was curious 
to get on the inside and see the real condi- 
tion of the office work, since I had written 
him a year ago offering to systematize his 
San Francisco office. 

After conversing with him about income 
tax matters and deductions for expenses on 
his farm, also about my work, on leaving I 
made this remark: "Should you ever need 
a ^first-class' auditor you have my ad- 
dress," to which he assented. 

A month or two later I called on him 
again and went deeper into the matter, 
asking him if he did not wish his account- 
ing department systematized, never refer- 
ring to the letter I had written him. He 
replied, that everything was in fine shape, 
as Mr. Harrington was now assistant audi- 

236 



SECOND HUTTON CO. EXPERIENCE 

tor and office manager and had things 
running very smoothly. 

At this time he was trying out three ma- 
chines on the bookkeeping work, also car- 
rying on the pen-bookkeeping system, and 
between the two nothing was in balance in 
the machine work. The machine "try-out'^ 
lasted more than three months. In this 
time, after running them through the ma- 
chines, the operators stacked up thousands 
of ledger pages and customers' statements 
which were thrown away as worthless, 
costing the firm labor and material amount- 
ing to about $2000.00. 

Previous to this machine experiment they 
tried out a manifold system of making up 
statements, costing $1800.00 which was also 
scrapped as worthless. 

The auditor, his assistant and some of 
the employees were continually knocking 
these machines and trying in every possible 
way to make them a failure, the machine 
salesman, who was unfamiliar with the 
brokerage business could not give much as- 
sistance in showing how the work should 

237 



AUTOBIOGRAPHY OF 0. P. FISHER 

be carried through the machines, so they 
finally prevailed upon Mr. Mulcahy to order 
them taken out. The above facts I did not 
learn until I v^as engaged November 1st; 
1919, by Mr. Mulcahy. 

Failing to hear from Mr. Mulcahy, I call- 
ed upon him the forepart of October and 
stated to him, that as there was so much 
"red tape" in the Government work which 
was not to my liking, I had decided to re- 
sign and go iDack to public accounting and 
systematizing work. He remarked that he 
expected to open up many new offices, and 
as Mr. Crawford was too busy to look af- 
ter them he had thought of putting on a 
traveling auditor to assist him. 

Thinking this was the opening wedge 
which would allow me to get in and see if 
things were as bad as Mr. Doolittle had 
said, I replied that this work would just 
suit me, as I enjoyed traveling and plenty 
of activity, and I believed we could get to- 
gether on the proposition. He said Mr. 
Crav/f ord was on his vacation and would 
return in ten days, and he would talk the 

238 



SECOND HUTTON CO. EXPERIENCE 

matter over with him. He asked me to 
call again on Thursday, October 30th, af- 
ter he returned. 

I called about ten o'clock Thursday morn- 
ing, as agreed. He said he had talked the 
matter over v^ith Mr. Crawford, and 
would take me on as traveling auditor, and 
asked what salary I wished, I told him I 
was worth $500.00 a month to his firm, but 
would start at $350.00 a month, the salary 
I had drawn as auditor for the Govern- 
ment, he said he could not give me more 
than the assistant auditor at the beginning 
which was $300.00 a month, we finally split 
the difference and he made it $325.00 then 
asked me when I could begin work. I re- 
plied: Saturday morning, November 1st, 
as this was when my vacation started with 
the Government and I thought traveling 
around among the different offices, would 
be as good as a vacation, then if everything 
went as I expected I could resign as Rev- 
enue Agent November 20th, as my vaca- 
tion ended at that time. He said he was 
superstitious about beginning on Saturday 

239 



AUTOBIOGRAPHY OF 0. P. FISHER 

and that I should begin on Monday the 3rd, 
with pay dating back to the first. 

It was arranged that I should go down 
to Los Angeles Monday morning on my 
first trip to check up the office there, stop- 
ping on my way back at the new office just 
opened at Santa Barbara. This arrange- 
ment was not carried out. 

I learned afterwards that the next day, 
Friday, the manager and salesman of the 
machine company , and Mr. Percy, the Hut- 
ton Company's attorney, called, upon Mr. 
Mulcahy in order to prevail upon him to 
keep the machines. He called Mr. Craw- 
ford and Mr. Harrington into the confer- 
ence, they were not in favor of the machine 
bookkeeping system, and I understand they 
had a very stormy session,their loud dis- 
cussion being heard all over the office. The 
machine company's representatives de- 
clared Mr. Mulcahy had not given the ma- 
chines a fair trial, which they would re- 
port to Mr. E. F. Hutton in New York, as 
he had ordered them put in on trial in the 
coast oflBices first, before installing them in 

240 



SECOND HUTTON CO. EXPERIENCE 

their New York office and wished to see 
if they were going to be a success. 

Mr. Mulcahy having employed me the pre- 
vious day as traveling auditor, remembered 
that I had written him a year and a half be- 
fore, v/hen cashier of the Los Angeles office, 
that I wished to come up and systematize 
the accounting department in the San 
Francisco office, however without consult- 
ing me or arranging additional compensa- 
tion for professional services as a system- 
atizer, he said to the machine company's 
manager that he would give them another 
trial as he had a professional systematizer 
and efficiency expert, whom he had en- 
gaged to come Monda^;^, and he would be 
put in charge of the the machine depart- 
ment, to demonstrate if the machines were 
suitable to the stock brokerage business. 
Mr. Crawford spoke up saying, "Yes, I 
know who it is— Fisher." And then after 
he left the conference, passed the word 
around that he was going to "trim him," 
as he expressed it. I had intended install- 
ing the m.achines when I wrote Mr. Mulca- 

241 



AUTOBIOGRAPHY OF 0. P. FISHER 

hy about systematizing the San Francisco 
office. 

On the way to the office the following 

Monday morning at seven-thirty I met Mr. 

Mulcahy coming out of his office in the 

St. Francis Hotel. He said to see Mr. 

Crawford when I went down to the office, 

as he, Mr. Mulcahy, intended to put me in 

charge of the machine department instead 

of sending me to Los Angeles to check up 

the accounts. This was a great surprise 

to me, as he had never mentioned trying 

out the three machines, when calling upon 

him during the three months previous to 

this time, and this was the first intimation 

I had that they were using the machines on 

their book work. 

I called upon Mr. Crawford and greeted 
him very cordially and from all outward 
appearances he seemed to have knocked the 
"chip" from his shoulder since I had called 
upon him out of courtesy the previous July, 
as he had learned from Mr. Mulcahy at the 
conference that I was coming in to system- 
atize the work, and therefore it was use- 

242 



SECOND HUTTON CO. EXPERIENCE 

less to "kick against the pricks," but at 
this time I did not know he had made the 
remark that he was going to "trim me." 
Mr. Crawford took me into the machine 
room and introduced me to the three young 
lady machine operators as the future head 
of that department. So here I was on the 
job at last, that I had been trying to ob- 
tain for the past year and a half and did 
not know I was so near it, until fifteen 
minutes before I was ushered into it. 

I was then given another surprise, hav- 
ing brought to me over five hundred cus- 
tomers' statements from the pen-bookkeep- 
ing department to copy off money balances 
and bring down holdings of securities on 
the machine ledger pages and statements, 
also write in customers' names and ad- 
dresses on same, in order to start off the 
new machine system of accounting correct- 
ly, as heretofore they had simply been 
practicing on the machines in attempting to 
run the work through, and when their 
work would not balance at the end of the 
month, they would start all over again the 

243 



AUTOBIOGRAPHY OF 0. P. FISHER 

first of the following month. Things be- 
gan to get very active in the machine de- 
partment by this time, and I saw I was 
going to have plenty to do, but I had been 
up against such propositions before and it 
did not worry me. 

Mr. Crawford was from Boston and ap- 
parently had a little of the "Boston cul- 
ture'' in him even if he did "go up in the 
air and lose his head" occasionally, as once 
when passing through the machine room 
in a hurry, I called to him addressing him 
quickly as Mr. Crawford, he did not seem 
to catch the word "Mr." and turned to me 
abruptly, saying, "Call me ^Mr.' Craw- 
ford," evidently he was a twin brother of 
"Mr." Taft, back in "historic cultured Bos- 
ton," and had picked up the old "chip" and 
put it on his shoulder again. 

The machine salesman, called in a few 
days to see how the work was progressing, 
being anxious to see if the machines would 
prove a success under the new system- 
atizer, as he was looking out for his in- 
terests, in the way of a commission from 

244 



SECOND BUTTON CO. EXPERIENCE 

his company on the sale of the machines. 
He was fearful that the machines might 
not be adapted to the stock brokerage busi- 
ness, as he was unable to give any assis- 
tance during the past three months, there- 
fore he tried to persuade me to handle one 
side of the work only, viz., the purchase 
and sales on the journal machine and the 
customers' accounts on the bookkeeping 
machine, leaving the general ledger work, 
New York account and commodity ledger 
alone, to be handled by the pen-bookkeep- 
ing until the further development of the 
machine system. I declared this was 
against my principles and training as a 
systematizer, as I had systematized dif- 
ferent lines of business for years and 
would "tie up the work as a whole," as we 
call it in systematizing; which I did, mak- 
ing a complete balance of all the work each 
day. We were greatly handicapped and 
delayed in the machine work, as the boys 
were keeping up the pen system as a safe- 
guard, entering the items on their books 
before going to the machine room. 

245 



AUTOBIOGRAPHY OF 0. P. FISHER 

On the 20th of the month I checked all 
the items on our machine blotter sheets to 
the pen-bookkeeping journals to see if we 
had received all the items for entry. In 
doing this I discovered dozens of errors 
and some very serious, on the pen-journals, 
while the machine work showed a very few 
of minor importance. To complete this 
work, in order to give the boys their jour- 
nals for posting in the morning, I worked 
all night and handled the regular machine 
work next day, working thirty-six hours 
continuously, but feeling no fatigue, as I 
was intensely interested in making a suc- 
cess of the machine bookkeeping system on 
account of my guarantee to Mr. Mulcahy 
a year and a half previous to this time. 

When one is interested in work to their 
liking very little sleep is required to re- 
fresh the body. Thomas A. Edison sleeps 
but four hours out of twenty-four. 

The following is my first written report 
to Mr. Mulcahy, showing the progress of 
the work up to November 22nd, which 
speaks for itself. 

246 



SECOND HUTTON CO. EXPERIENCE 

San Francisco, Calif. 
November 23rd, 1919. 
Mr. R. E. Mulcahy, 
San Francisco, 
California. 

Dear Mr. Mulcahy: After twenty-two 
days' work, with the valuable assistance 
of the three young lady machine operators, 
who deserve much credit for their faith- 
fulness in working with me, some nights as 
late as twelve o'clock, I herewith submit 
you report of our work as it stands at the 
beginning of business Monday morning 
November 24th, also I wish to offer some 
suggestions, subject to your approval and 
execution. 

First; I wish to say I appreciate very 
much the confidence you have placed in me, 
also the opportunity given me to work out 
the success of the machine bookkeeping 
system in the San Francisco office, and as- 
sure you this confidence will no be mis- 
placed. 

Our work has been very enjoyable, with 
the exception of the antagonism shown 

247 



AUTOBIOGRAPHY OF 0. P. FISHER 

by some of the boys and officials in the 
San Francisco department, until you told 
them to quit and get out if they did not 
stop interfering with my work and trying 
to block the success of the machines. I 
have no hard feelings against them but 
pity them for the poor judgment they have 
displayed. 

You remember Mr. Frank Woodside, the 
head bookkeeper, stated in the presence of 
yourself, Mr. Crawford and myself that he 
was working for the best interests of E. F. 
Hutton and Company in taking the stand 
that he did against the new system and 
said you would see some day that he was 
right. 

When you asked what objections he had 
to the machines, he said, "None at all, but 
you have not the right man to do the 
systematizing, he is not familiar with the 
stock brokerage game." If he is so 
familiar with it, and considers me 
merely an amateur it might be well to ask 
him why he entered the attached purchase 
and sales slip on his journal Number 27, 

248 



SECOND HUTTON CO. EXPERIENCE 

Page 99, November 6th, as 100 Utah Cop- 
per instead of 125, and credited Smoot and 
Company $1124.74 instead of debiting them, 
when the purchase and sales slip reads 
"Sold for Miller" and signed RX, also Ad- 
doms "Message attached stating the same, 
marked in red pencil on the back, debit 
$1124.74" and again marked on the mes- 
sage "Debit Smoot." If he has no objec- 
tions to the machines, why did he not as- 
sist in making them a success during the 
past three months, when he was so famil- 
iar with the stock brokerage business, and 
save your firm the expense of bringing in 
an outside man to systematize the work. 
When this slip came into the machine 
department for entry, Miss Harte did not 
understand how if should be entered, as 
she had been accustomed to crediting cus- 
tomers when purchase and sales slips were 
marked sold. I explained to her this was 
sold by RX for Miller in New York, and 
was of the same nature as a purchase by 
RX and should be charged to Smoot and 
credited to New York. 

249 



AUTOBIOGRAPHY OF 0. P. FISHER 

Mr. Woodside, being an experienced tech- 
nical stock brokerage expert, having been 
manager for several stock brokerage 
houses, as he stated, should have known 
how to make the journal entry or at least 
have been more careful in reading the pur- 
chase and sales slip. 

Through this error, Smoot and Company, 
as you know, get a credit of $2249.48 to 
their account, double the amount of the 
purchase, as it should have been debited 
instead of credited; and if this had been 
some weak account and a counter error of 
like amount made on the slate putting the 
slate and books falsely in balance, and in 
a falling market, it might have resulted in 
a loss of $2000.00. 

Such entries as this have been the cause 
of many differences in the boys' monthly 
trial balances, necessitating a great amount 
of night work. 

V/e posted the purchase and sales slips of 
the 21st and 22nd. Saturday night under 
date of Monday, the 24th, in order to bring 
all the work up to date and have the led- 

250 



SECOND HUTTON CO. EXPERIENCE 

gers ready for the boys to figure interest 
Monday morning, November 24th. 

We have all the accounts on the four 
customers' ledgers, in balance with the 
slate as to money balances, with the excep- 
tion of three correspondents' and tv/o bro- 
kers' accounts, which will be balanced this 
coming week, making 99-14/100 percent of 
all accounts on the customers' ledgers in 
balance with the slate to November 24th. 
This could never have been done with the 
old pen-bookkeeping system, as few at- 
tempts were made during the month to see 
if the ledger accounts were in balance with 
the slate, leaving the balancing until the 
end of the month, when statements were 
made up and then checked with the slate 
before mailing to customers. With this 
old system many errors were not discover- 
ed on the slate or the books until the end 
of the month, v/hich was a very serious 
matter, especially in a falling market, when 
errors were made on the customers' slate 
accounts . 

Ten days ago I stated to Mr. Woodside 
251 



AUTOBIOGRAPHY OF 0. P. FISHER 

that on Monday morning, November 24th, 
I would turn over to the pen-bookkeeping 
department, the four machine customers' 
ledgers for the figuring of interest on the 
accounts with more than 90 percent of the 
accounts in balance vnth the slate. He re- 
torted, in an insolent manner, "You can't 
tell me you can balance the ledger accounts 
with the slate before the end of the month.'' 
I replied, "We have 75 percent in balance 
already." This was quite a surprise to him 
and he could not understand it. 

As all the purchases and sales slips of 
the 21st and 22nd were posted last night, 
there is no work for one of the operators 
to do Monday. Therefore I told her she 
could take Monday off and rest up, and 
the other two operators could take a da^^ 
off later for the extra work they have been 
doing at night. In this case the ledgers 
will be available all day and night Monday 
for the boys to figure their monthly inter- 
est. 

I wish to assure you that the machine de- 
partment has the work now well in hand, 

252 



SECOND HUTTON CO. EXPERIENCE 

and you need have no fear of the organi- 
zation being tied up should all of the San 
Francisco department boys decide to quit 
in a bunch, as they threatened to do if 
one was dismissed. 

With my "amateur" stock brokerage ex- 
perience, as Mr. Woodside expressed it, 
we could handle the situation without any 
delay until we trained in some of the Los 
Angeles department boys on the San Fran- 
cisco work. We have been delayed and 
handicapped so many times in the past 
through having books and entries held up 
on us, such as the cash book episode yester- 
day, that it would be a relief and help in 
our machine work to get entries first 
handed. 

Since the machine department is now so 
far ahead of the pen-bookkeeping depart- 
ment in balancing its work for the month, 
and as some of the boys have tried to delay 
us in every possible manner, and may try 
to get the machine department mixed up in 
the closing entries for the end of the month 
in bringing down security holdings on 

253 



AUTOBIOGRAPHY OF 0. P. FISHER 

statements and ledger pages, giving us a 
late start for the first of next month, would 
it not be a good plan to move the machines 
into the pen-bookkeeping department Mon- 
day morning, since we have so little ma- 
chine work to do that day. 

By this means we can get all the pur- 
chase and sales slips and bookkeeping en- 
tries first-hand as they come up the tube 
from the slate. Thus, we will control the 
situation and avoid unnecessary delay. 

One of the front desks in the pen-book- 
keeping department can be moved back a 
little and the other one put in the present 
machine room. As it is a double desk, four 
men can work on it and figure the interest 
on the accounts in the four customers' led- 
gers. This will give the girls better light 
for the machine work. 

My first thought, when we started the 
Los Angeles department on machine work, 
was to use our present room in which to be- 
gin the work, but on second thought I 
think it best to use the present Los Angeles 
room, as the boys there are all friendly to 

254 



SECOND HUTTON CO. EXPERIENCE 

the machines and will help us in getting 
started January 1st. 

Instead of duplicating the work by pen 
for the first month in the Los Angeles de- 
partment, as has been done in the San 
Francisco department, I would advise that 
it be done by the machines alone, as by Jan- 
uary 1st I will have everything well in 
hand, and thus avoid confusion in starting 
the machine system. 

While checking the machine work with 
the pen journals, to see if all entries had 
been given to the machine department by 
the pen-bookkeeping department, as they at 
that time received the entries first from 
down-stairs, I noticed that Mr. Woodside, 
when entering the drafts paid by the Amer- 
ican National Bank, which are drawn on 
New York and payable here if desired, en- 
tered them as one total giving no numbers. 
Some days there are as many as six or 
eight drafts paid. This is a blind entry and 
will be very hard to check when the clerk 
checks the New York transcript with the 
books. It will be necessary for him to go 

255 



AUTOBIOGRAPHY OF 0. P. FISHER 

down-stairs and get Mr. Addom's cash book 
to find amounts included in these totals, a 
great deal of time will be lost checking the 
account and Mr. Addoms needs the cash 
book most of the time in which to make en- 
tries. 

I called Mr. Crawford's attention to it 
and he in turn asked Mr. Woodside why he 
did it and told him they should be entered 
in detail for checking purposes. Mr. Wood- 
side argued with Mr. Crawford that he was 
entering them in the right way, and was 
following Mr. Harrington, the former book- 
keeper, as he had always entered them in 
total. From the above statements you will 
see what I have been up against the past 
twenty-two days in putting over this new 
machine system of accounting. Practically 
no assistance whatever being given by any 
of the old employees. It is a suc- 
cess and they cannot block it. It is going 
through and they all know it, and that is 
"where the shoe pinches." 

Respectfully Submitted, 
(signed) 0. P. FISHER. 
256 



SECOND BUTTON CO. EXPERIENCE 

NOTE: After working late Saturday 
night, as stated in letter, I wrote this re- 
port by pen at my home Sunday afternoon 
and late Sunday night, delivering same to 
Mr. Mulcahy at 7:30 a. m. Monday at the 
St. Francis Hotel, so he could read it over 
and be familiar with conditions before he 
came to the office. 

0. P. F. 

Instead of moving at this time into the 
pen-bookkeeping room as I suggested, Mr. 
Mulcahy moved Mr. Crawford the auditor 
back into his old office which the machine 
department was then using and moved the 
machines to his office which was a very 
light but small room. 

Upon showing the boys the many errors 
on their books, they realizing the machines 
were far ahead of them in their work, it 
was decided to discontinue the pen-book- 
keeping allowing the machines to finish up 
the months' work and send out statements, 
the boys giving their time for the balance 
of the month to figuring interest on cus- 
tomers' accounts. 

257 



AUTOBIOGRAPHY OF 0. P. FISHER 

I then drafted up a nev/ daily report 
blank and sent it to the printers, this re- 
port gave Mr. Mulcahy the balances of the 
general ledger accounts, earnings of the 
different commissions, interest and ex- 
penses for the day, also totals cumulated 
for the month, compared with previous 
months totals and same month previous 
year, showing at the bottom the net earn- 
ings up to date for the month. Receiving 
this report every morning when he arrived 
at the office, for the previous day's busi- 
ness, kept him in close touch with every 
account. I venture to say there is not a 
stock brokerage house in the United States 
that has anything like it. I have audited 
and examined many in New York City and 
I know whereof I speak. Copy of same is 
herewith condensed one-third its size. 



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AUTOBIOGRAPHY OF 0. P. FISHER 

Following is my second report to Mr. 
Mulcahy upon closing up the work for the 
month. 

San Francisco, Calif. 

December 3rd, 1919. 

Dear Mr. Mulcahy: — I am sorry to trou- 
ble you Vvdth unpleasant matters as I know 
you have been greatly annoyed the last few 
months with conditions here regarding the 
installation of the machine bookkeeping, 
but as I find so many things have been 
kept from you in the past regarding the 
office work and errors, I think you should 
know the real conditions. 

I do not wish you to consider me an al- 
armist, as the things I tell you are facts 
based on proof which I have. I would like 
you to consider this report as one you 
would receive from a professional auditor, 
as I wish to speak in that manner, and have 
written many reports of like character to 
business men, showing up conditions as 
they exist. 

Last night at six o'clock everyone desert- 
ed the pen-bookkeeping department, not 

260 



SECOND BUTTON CO. EXPERIENCE 

one returning to work in the evening to 
clean up the past months' work, while the 
girls in the machine bookkeeping depart- 
ment were working until eleven o'clock 
straightening out scores and scores of er- 
rors made by the other department. I my- 
self did not go out to dinner until I got 
through at eleven o'clock. 

The girls were very indignant, knowing 
that the extra work was caused by the 
many careless errors of the boys, which 
they had to correct in addition to their reg- 
ular work. 

We have cleaned up the statements with 
the exception of a few large ones, which 
will be finished this morning, enabling us 
to give you a complete statement of the 
earnings and expenses on the third of the 
month, which I understand you have been 
receiving about the 10th of each month. 
This speaks well for the new system. 

The errors are as follows: About 20 to 
25 statements showed in the books as closed 
accounts during the month; many were 
those of customers who had purchased 

261 



AUTOBIOGRAPHY OF 0. P. FISHER 

stocks outright and paid their balance one 
or two days late, therefore, no interest 
should have been charged. The boys see- 
ing such accounts closed should have called 
Mr. Harrington's attention to them before 
figuring the interest, as it caused the girls 
much extra work taking out interest 
charges and re-typing the statements to 
bring down the longs and shorts. 

In some accounts interest was not fig- 
ured. In many cases the longs and shorts 
were not checked out, nor the amounts add- 
ed up, causing the girls to stop the machine 
operation and check out the longs and 
shorts, which consumed considerable tim,e. 

The worst errors consisted of twenty or 
more statements in which the premium v/as 
not figured correctly, and as we still have 
some to be checked up with the slate, no 
doubt there will be a great many more, as 
Mr. Murphy has been bringing them back 
with tags attached stating that the interest 
was figured incorrectly. I went over all 
these interest calculations myself, and 
found that Mr. Murphy was correct. 

262 



SECOND HUTTON CO. EXPERIENCE 

I understand that it has been the custom 
in the bookkeeping department to have one 
man figure the interest and another man 
check him on the amount. If this had been 
done there would be no excuse for inaccur- 
acy in figuring, as it is a very simple oper- 
ation, and in many cases can be done men- 
tally. 

In one case they made a mistake in 
charging interest amounting to $6.99 in- 
stead of $69.94; in figuring the premium on 
another account an error of $15.00 was 
made charging a customer too little inter- 
est; and others of like amounts. 

Now, wheji so many errors have oc- 
curred in figuring the premium, no doubt 
many more were made in figuring the 
straight interest. 

The boys admitted to Miss Markey, the 
new machine operator, that the interest on 
the new system of bookkeeping was very 
easy to figure, but of course they would 
not admit it to the other operators or my- 
self, on account of the attitude they took 
against the machines in the beginning. 

263 



AUTOBIOGRAPHY OF 0. P. FISHER 

Mr. Crawford asked me to explain the 
machine work to Mr. Harrington, so he 
would be familiar with it when I left that 
department. I have tried my best to do so 
several times, but Mr. Harrington did not 
enthuse over it and shrinks from taking 
the responsibility. 

The other day a check slip came up from 
the cashier's office to be o. k.'d with the cus- 
tomer's account. It was passed into the 
machine room by one of the boys in the 
other department for the girls to look up 
the balance. This takes their attention 
away from the work of operating the ma- 
chines, therefore, I brought the matter be- 
fore Mr. Crawford, stating that it was the 
duty of the office manager when these slips 
came up to go to the machine department, 
look up the account and o. k. the slip, if the 
balance is found to be the same as the slate. 
By this means he would familiarize himself 
with the work and the accounts, and be 
ready to o. k. checks when requested. 

Mr. Crawford called Mr. Harrington in- 
to his office and I stated to him just what I 

264 



SECOND HUTTON CO. EXPERIENCE 

have outlined above. In an excited man- 
ner he stated he was working for the E. F. 
Hutton and Company's interests; when on 
the contrary he was doing just the reverse. 
He also said that his time was more val- 
uable to the firm than Miss Harte's, the 
supervisor of the machine work, and that 
he would not o. k. these slips for checks, 
which showed he was trying to shirk re- 
sponsibility. 

I tried to explain to him that in his ca- 
pacity as assistant auditor and office man- 
ager he should keep in touch with the ma- 
chine department, as it naturally took the 
place of the pen-bookkeeping under his 
management, and I could not be there much 
longer to look after details. He went out 
evidently feeling that we were trying to 
force on him the work of others in the de- 
partment. 

Yesterday while he was in talking to Mr. 
Crawford one of the boys passing through 
the office overheard him state that he was 
waiting for the machines to "hit a snag." 
This remark evidently came about through 

265 



AUTOBIOGRAPHY OF 0. P. FISHER 

discovering two large accounts in which the 
totals had been carried down wrongly on 
the machine, which must have occurred 
during the time that Miss Gunderson was 
posting to the accounts, as up to that time 
they, except a few large ones, were in bal- 
ance with the slate. 

Miss Gunderson, as you know, was dis- 
missed last month on account of the inef- 
ficiency of her machine work. 

This was a small error, and is no fault 
of the machine, but the operator, and 
would be very easily caught in our daily 
balance and in proving with the slate. How- 
ever, being short of help the last of the 
month, all the accounts could not be check- 
ed up with the slate when out of balance 
before the end of the month, as they will 
be daily hereafter. 

You probably recall the day when the 
machine salesman was taking up the mat- 
ter with us in the inner office regarding the 
carbon copy, Mr. Harrington came in and 
called my attention to the fact that the div- 
idend account which he was checking was 

266 



SECOND HUTTON CO. EXPERIENCE 

out of balance, and I explained to him then 
that it was done by Miss Gunderson, whom 
I had dismissed for inaccuracy. He spoke 
up very quickly, saying he understood she 
was a very good operator; showing he was 
in sympathy with her when I dismissed her. 

It is unfortunate that such an attitude 
continues to be shown towards the ma- 
chines, as they all know that in operating 
an adding machine if the wrong keys are 
struck the wrong total will be the result. 

I have known nothing but hard work in 
business since I started, thirty-eight years 
ago, but I make my work a pleasure, and 
always try to bring out the best results, and 
am not satisfied until everything is run- 
ning smoothly in every department of the 
organization that I am systematizing, ef- 
ficiency being used in handling the work. 

If the workers will concentrate on what 
they are doing during the day and stop 
wasting time, causing much night work and 
extra expense to the firm in supper money, 
almost every employee receiving supper 
money on an average of from $20.00 to 

267 



AUTOBIOGRAPHY OF 0. P. FISHER 

$25.00 a month, this extra expense will be 
avoided. The work being accomplished 
during the day. 

This seems like a very long report, but 
it is the shortest way to get it before you, 
therefore, I hope you will pardon my going 
into details. 

Respectfully submitted, 

(signed) 0. P. FISHER. 

We finally corrected all the errors and 
mailed the machine statements for the 
first time to the customers, after which I 
made up an earnings and expense state- 
ment for the month of November and bal- 
ance sheet as of November 30th, 1919. 
mailing copies of same to the New York 
office. 

Mr. Mulcahy was so well pleased with the 
results from the first month's work that he 
ordered three machines for the Los An- 
geles department, enabling me to take over 
that department on the machine work by 
January 1st. Later he ordered three more 
machines making nine in all. 

Everything went along very smoothly 
268 



SECOND HUTTON CO. EXPERIENCE 

during the month of December and for my 
effort I was presented with a Christmas 
check for $300.00. I was then called into 
Mr. Mulcahy's office. He told me he ap- 
preciated very much what I had done the 
past two months, and wishing to reward me 
in some way, he had ordered a fine roller 
top desk which he was going to place in 
the room next to his, for my use, and that 
he intended to make me his secretary giv- 
ing me charge over all departments under 
him, accordingly my salary would be 
$400.00 per month from January 1st, 1920. 
Following is a copy of the notice which he 
sent out to all offices. 



E.F. HUTTON & COMPANY 



Doo ember 
Twanty- ninth 
All Co&odtned:- Hlneteen Hundred nineteen. 

As of January let, 1920, Kr. 0. P. 
FiBhsr will be Secretary to the 
undoralgned, Matters of detail 
will b« referred to him. He will 
take ap with m« anything necessary 
for my personal attention. 

Vx, Fisher will address the 
Heads of Depextments over my name. 
He will direct the ef fioienoy of 
the different Departments through 



Ra£/H. 



Tery V 




AUTOBIOGRAPHY OF 0. P. FISHER 

This was a little too much for Mr. Craw- 
ford, he did not congratulate me nor con- 
descend to go in and look at my new desk, 
the "trimming" he was going to give me 
did not take place. I treated him very 
cordially and tried to help him in every 
way possible, but the "chip" seemed to be 
on his shoulder for good this time. 

The latter part of December the three 
machines arrived for the Los Angeles de- 
partment and I started that department as 
I did that of San Francisco. I notified the 
boys there would be no more night work 
on their regular work except two nights at 
the end of the month to figure interest, and 
that 4:30 p. m. v/ould be the quitting time, 
for the day. They had been used to much 
longer hours and it did not take them long 
to get out after 4:30 came. One of the 
boys was overheard saying, "Let's get out 
quick before he changes his mind." I im- 
mediately ordered the purchasing agent to 
trade off all the high desks and stools and 
replace them with low desks and many 
swivel-seat chairs, making the boys more 

270 



SECOND HUTTON CO. EXPERIENCE 

comfortable while working. I am a strong 
believer in a well lighted ofRce and com- 
fortable conveniences for employees to 
bring out the best efficiency in office work. 
At this time Mr. Mulcahy made a trip to 
Los Angeles and in looking over the office 
work, I discovered the trial balances for 
the Los Angeles department had not been 
in balance for six months, and all the tran- 
scripts of the purchases and sales and other 
transactions which were sent daily from 
the New York office to be checked daily 
with the coast books had been stacked up 
on a shelf in the closet, as they came in, be- 
ing neither checked nor reconciled. I v/ent 
to Mr. Crawford, and informed him that I 
could furnish him two of the former book- 
keepers in the Los Angeles department, as 
they were not needed now on bookkeeping 
work since the installation of the machines, 
and asked him to supervise the checking of 
these transcripts and find the errors in the 
trial balances for the past six m_onths. I 
told him it would be necessary for him and 
Mr. Harrington to spend a little night and 

271 



AUTOBIOGRAPHY OF 0. P. FISHER 

Sunday work to get this old work up to 
date. He went "right up in the air" as was 
his custom, it was something new to take 
orders from me, although he had received 
the notice from Mr. Mulcahy that I was 
to address the heads of all departments and 
take up with him what I thought was nec- 
essary. He pleaded with me to let the 
matter rest until Mr. Mulcahy returned on 
the 15th. At which time he went in and 
told Mr. Mulcahy that he would work with 
Mr. Fisher but would not work under him, 
and tendered his resignation which was ac- 
cepted. 

The poor man; he made a fool of himself 
and could not bur^?- his pride, I was taking 
all the responsibility seeing that the daily 
work was handled correctly and balanced 
each day, and putting the office work in 
fine condition, making it much easier for 
him, and all he had to do was to draw his 
$400.00 a month salary and bring the old 
work, which he had neglected, up to date. 
The trouble was he did not know how to 
do it. He would watch until Mr. Mulcahy 

272 



SECOND BUTTON CO. EXPERIENCE 

left his office at 2 p. m. for the day and 
when he was sure he was out of sight he 
would put on his hat and say to. Mr. Har- 
rington, "George, you sign the balance of 
the checks," and off he would go for the 
train to his little place in the country. 

Some people get away with it for a while, 
but there is always a day of reckoning. 

When Mr. Mulcahy returned from Los 
Angeles he hardly knew the office with 
the new furniture, was very much pleased 
with the new arrangement and said it 
would be much more comfortable for the 
boys, when doing their work. 

He appointed me auditor of the Pacific 
Coast offices in place of Mr. Crawford, add- 
ing this position to my other work as his 
secretary and systematizer of the account- 
ing work, and I fell heir to Mr. Crawford's 
old back unbalanced work. I had been 
well trained in the past for such conditions 
and got busy, working for the next six 
months on an average of fifteen hours a 
day including many Sundays and holidays, 
and on two occasions when new ideas came 

273 



AUTOBIOGRAPHY OF 0. P. FISHER 

to me I arose at 2 a. m. and 4 a. m., and 
went to the office to put them in force be- 
fore the clerks arrived, having an argu- 
ment with the night watchman before he 
would admit me into the building. 

On March the first my salary was raised 
to $500.00 a month. I had charge of over 
twenty-five offices on the coast and as far 
east as Denver, Colorado, taking up mat- 
ters by wire and correspondence, also su- 
pervising the system work and the old 
work which Mr. Crawford had left. I had 
my hands full, but enjoyed the activity, as 
one has to think and act quickly in the 
stock brokerage business. 

Mr. Woodside, objecting to the installa- 
tion of the machines, left the service the 
third week in December. He was a bright, 
capable young man but very set in his ways 
and stubborn, standing in the way of his 
own advancem^ent. I said to him once in 
the presence of Mr. Mulcahy, that he was 
the logical man to be put at the head of 
the machine department, as he was famil- 
iar with the work, and I did not expect to 

274 



SECOND HUTTON CO. EXPERIENCE 

remain long after the system was once in- 
stalled as I had been engaged to travel 
around among the offices which suited me 
better than working constantly in one 
place. He could not see it that way and 
said he would not lower himself as a book- 
keeper to handle the machines. He would 
have been receiving a salary of $3000.00 a 
year by this time had he accepted the pos- 
ition. I understand he has been out of 
work for many months the past two years, 
at times working as a clerk, but I doubt if 
he has ever reached a salary of $3000.00 a 
year. 

Young man if you are working in an 
office where new systems are put in and 
new ideas are suggested for the improve- 
ment of the work, even if you do not think 
it is a benefit, do not fight the inevitable, 
but be ready to advance and do not be sat- 
isfied to be an old-style bookkeeper or 
clerk. This is an age of progress and we 
must get in the "band wagon" and go 
along with it. There are plenty of oppor- 
tunities to go ahead if you show initiative 

275 



AUTOBIOGRAPHY OF 0. P. FISHER 

and have a constructive mind, do not be im- 
patient the opportunity may come when 
you least expect it. I had to wait a year 
and a half before my opportunity came to 
systematize the Hutton Company, and in 
the meantime they spent thousands of dol- 
lars experimenting, as Mr. Mulcahy's 
thought was not ready for my suggestion 
when I wrote him, although I knew they 
needed my services more than they needed 
"dollars." 

After I was appointed auditor and the 
next day after Mr. Crawford left, January 
16th, 1920, 1 called the heads of the depart- 
ments together in conference and made a 
get-together statement before them, a copy 
of same is as follows: 

We are now beginning a new era in man- 
agement, and as directing head of details 
for this organization on the coast under 
Mr. R. E. Mulcahy resident partner of the 
firm, I desire to outline my policy to all of 
you as heads of the departments. 

First: I would like to ask, are you all 
loyal to the organization, and to me as Mr. 

276 



SECOND HUTTON CO. EXPERIENCE 

Mulcahy's assistant? If so, from now on 
we desire co-operation and harmony in all 
the work and with all concerned. You will 
not find me treating you as "stool pigeons" 
and taking all the credit for the success 
which will result from our co-operation. I 
do not have to do this to hold my position. 
Furthermore, I do not wish you to look 
upon me as the whole thing and lose your 
interest and the ambition to attain success 
for yourself and the business. You are all 
older employees in the organization than I, 
and have the right to go to the top as soon 
as opportunity comes and you are ready 
for the responsibility. Just look upon me 
as a systematizer and organizer, assisting 
Mr. Mulcahy in bringing his organization 
up to perfection in business methods. 

As he once said, he knew me better than 
I knew myself, and he knows to satisfy 
me and keep me happy, it is necessary to 
keep me busy bringing out perfection in 
other branches of the organization. So 
while I am here now, I may not be here a 
great while and I wish to get things run- 

277 



AUTOBIOGRAPHY OF 0. P. FISHER 

ning so smoothly that you can all carry on 
the work just the same as when I am here, 
and make a place for yourselves in the 
management of the organization, doing 
away the next time with the necessity of 
bringing in some one from the outside to 
carry on what is now being established by 
efficient management. 

You will find me open and honest and I 
wish you to be the same with me, and have 
no petty feelings against each other in 
your work. I wish to keep posted on all 
matters of detail and errors made by em- 
ployees, especially those that have to do 
with our customers and affect the business. 
Do not have a feeling that I will "go up in 
the air" about them, I wish only to analyze 
them, find out how they occurred and see 
if they cannot be avoided, giving some 
good suggestions as to how to avoid such 
errors in future. 

We must all rid ourselves of sensitive- 
ness, when criticism is made it should not 
be considered personal. One who will not 
stand for just criticism will not rise very 

278 



SECOND BUTTON CO. EXPERIENCE 

high in the business world. It is through 
criticism we make greater effort and thus 
obtain success. 

Mr. Mulcahy is one of the keenest busi- 
ness men I have met in my thirty-eight 
years business experience. He is a man of 
few words and conservative. While he is 
not a man to pat you on the back freely 
like some, and say you are a good fellow, 
and doing fine, he is a man of very deep 
feeling, has a very kind heart, and appreci- 
ates ability and effort made by his employ- 
ees. I shall keep him posted as to the char- 
acter and efficiency of the employees' work 
and I know they will be rewarded in his 
way, and very generously too, when they 
deserve advancement. I have been a hard 
student of psychology for many years, and 
have proven that the first cause is mental. 
I work like an architect seeing everything 
worked out to perfection mentally before I 
start to accomplish it materially. The 
trouble in the past has been a mental pic- 
ture carrying confusion, error, jealousy 
and everything but perfection, Nov^ we 

279 



AUTOBIOGRAPHY OF 0. P. FISHER 

all wish to carry a mental picture of har- 
mony, co-operation and perfection, and it 
will be realized. 

Mr. Mulcahy has worked hard and has 
made a big success the past sixteen years 
on the coast, and we must all help him to 
make the business a still greater success. 
Are we all with him? All answered yes. 

At the close of this conference the heads 
felt they now had something to work for 
and went out to their departments with 
new life and energy. 

Mr. Mulcahy said he wished me to go 
down to the Los Angeles office every two 
months to look things over, as we had a 
very large office force there, in addition 
to the Los Angeles bookkeeping department 
which was handled at the San Francisco 
office. So I made periodical trips to the 
Los Angeles office and suggested many 
changes in the accounting there. 

In June Mr. Mulcahy called me into his 
office and said I had been working very hard 
and he wished to give me a vacation, v^th 
$100.00 expense money. I told him I ap- 

280 



SECOND HUTTON CO. EXPERIENCE 

predated his offer, but as there Vv'as still 
some of the old work to be balanced up and 
new ideas to work out on the machine sys- 
tem, I could not take a rest until I had 
completed the work, as it would be on my 
mind and my rest would come when I re- 
tired from active business, which I ex- 
pected to do before long. 

I told him instead of taking a vacation, 
if he thought it would be of any benefit to 
the firm and he would pay my expenses to 
New York, I would like to go east in the 
fall and look over the New York office 
work, as that would be a change and all the 
rest I needed. He said he would send me, 
as he always sent Mr. Crawford once a 
year, but when he did Mr. Crawford al- 
ways came back with ptomaine poisoning. 
He gave me the $100.00 vacation money and 
said I could use it any way I liked even if 
I did not wish to take a two weeks rest. 

Mr. Crawford's semi-annual audit report 
to the New York office was usually mailed 
three months late. I inaugurated a con- 
tinuous daily audit of the machine work by 

281 



AUTOBIOGRAPHY OF 0. P. FISHER 

checking direct with the original entries 
and by July 5th my audit report for both 
departments was in the hands of the sten- 
ographer for typing and was mailed to 
New York the last of July. Follov/ing is 
a copy of a report to Mr. Mulcahy showing 
a saving in office expenses up to July 1st, 
1920: 

July 12th, 1920. 

Dear Mr. Mulcahy: I herewith hand 
you comparison of the number of regular 
employees in the San Francisco and Los 
Angeles accounting departments from au- 
ditor to office boy, inclusive, with total 
monthly salaries and average salary per 
employee per month, November 1st, 1919, 
before installation of the machine book- 
keeping system, and July 1st, 1920, eight 
months later, which shows a saving of 
$430.50 per month, or $5166.00 per year, 
this saving will pay for the nine machines 
you installed in two years' time. 

The showing is very gratifying consider- 
ing the large increase in the number of ac- 
counts since November 1st, 1919, which 

282 



SECOND BUTTON CO. EXPERIENCE 

would have required additional help if the 
old pen system of bookkeeping had been 
continued. 

I understand it was not your principal 
thought that the machines would reduce 
the office expenses, but you wished them in- 
stalled in order to have an up-to-date sys- 
tem through which to furnish the custom- 
ers promptly on the first of each month a 
legible statement instead of the old pen 
statement, which after being put through 
the copy press was unreadable in many 
cases. 

The present force is ample to handle the 
work of the heaviest markets, and I see 
no reason for an increase except the neces- 
sary increase in salaries from time to time. 

With this system, we now keep our cus- 
tomers' ledger accounts in balance daily 
with the slates at Los Angeles office and 
San Francisco office, and our general ac- 
counts, as well, are in balance daily at the 
close of business. 

Instead of being six months behind with 
our audit work, and then checking the post- 
283 



AUTOBIOGRAPHY OF 0. P. FISHER 

ings and verifying the footings only, as 
was formerly done, we now have every en- 
try audited daily by checking the entries 
direct on the ledger accounts with the ori- 
ginal item used by the machine operators 
when entries were made. This is a double 
check on the work, which was never used 
in the old pen system. 

Our stock record is now handled on the 
machines by the regular operators in addi- 
tion to their work, thus saving the expense 
of employing stock clerks, as was done 
heretofore; and we now have it kept ac- 
curately and up-to-date. 

The employees now say it is a pleasure 
to come to work each day, as they are 
right up-to-date with the work and go 
home in the evening knowing their work is 
all in balance, and instead of looking for- 
ward to a hard grind at the end of the 
month in making up statements, their 
thoughts are now free for their work, 
knowing that the statements will all be 
complete at the end of the month and in 
balance with the slates, ready for mailing 

284 



SECOND HUTTON CO. EXPERIENCE 

to customers on the first of the month; 
Thus avoiding long hunts for trial balance 
differences, as heretofore, and much night 
work. 

It would be a great help to us in getting 
our statements out early and closing our 
books each month, were the New York of- 
fice to give us the interest rate not later 
than three days before the first of the 
month, thus giving us time to take up the 
matter with McDonnell and Company and 
Logan and Bryan, Los Angeles. We are 
always ready to put the premium on the 
books the night before the last of the 
month. Last month we received the inter- 
est rate the day before the end of the 
month and were delayed in getting out our 
statements, having to wait on Logan and 
Eryan to hear from their New York office, 
and as the wires close at 2:30 p. m., we did 
not get their answer until next morning, 
which prevented our putting the premium 
on that night. 

If you will take up this matter with 
someone in the New York office, it will 

285 



AUTOBIOGRAPHY OF 0. P. FISHER 

help matters, and will be greatly appreci- 
ated by myself and the office force. 
Respectfully submitted, 
(signed) 0. P. FISHER, 
Auditor. 

In the early fall when I had an oppor- 
tunity to make the trip east, as arranged 
by Mr. Mulcahy, my assistant Mr. Harring- 
ton took sick and was away three months, 
then in November Mr. Mulcahy went to 
New York for six weeks, and the market 
became active, my trip and vacation there- 
fore were doomed. Mr. Harrington was 
put on half salary as he was unable to do 
active work for some time being under the 
doctor's care. I then appointed Mr. A. 
M. Broderick as my assistant in his place. 

Upon bringing up the machine system to 
greater efficiency and further reducing the 
office expenses, by transferring some of the 
employees to the Los Angeles office, as I 
used the San Francisco office for a train- 
ing school, November 1st, 1920, being the 
anniversary of the installation of the ma- 
chine system, I made up another report for 

286 



SECOND BUTTON CO. EXPERIENCE 

Mr. Mulcahy and mailed it to him in New 
York, Following is a copy of same: 
San Francisco, Calif. 

November 1st, 1920. 

Dear Mr. Mulcahy: On July 12th I 
presented you with a statement showing 
comparison of number of employees in the 
San Francisco and Los Angeles accounting 
departments at this office and total salar- 
ies paid, which showed a reduction of 
$430.50 per month in payroll July 1st, 1920, 
as compared with November 1st, 1919, at 
which time you installed the bookkeeping 
machines. 

I now present you with a report at the 
end of the first year, November 1st, 1920, 
after the installation of the machines and 
the perfecting of the system to a greater 
degree since my last report, which shows 
a reduction of four in the number of em- 
ployees and $1020.50 per month, or $12,- 
246.00 per year in the payroll. 

Included in the number of employees and 
payroll at the present, we have one clerk 
in each department, who, in addition to 

287 



AUTOBIOGRAPHY OF 0. P. FISHER 

checking the current New York transcripts 
is spending more than one-half of his time 
checking up and reconciling the old tran- 
scripts, which were not checked and rec- 
onciled by Mr. Crawford. 

Am pleased to say, with some pretty 
steady work the past six months, after get- 
ting all the old trial balances completed, we 
are gradually cleaning up this back tran- 
script work, and have but two more months 
to check and reconcile in the Los Angeles 
department. In the San Francisco depart- 
ment, I found they had been checked from 
July 1st, 1919, to January 1st, 1920, in a 
perfunctory manner, not having been rec- 
onciled each month with the ledger balance 
nor differences adjusted with the New 
York office. Am having the work re- 
checked and reconciled correctly under my 
personal supervision, as I have done in the 
Los Angeles department, and soon this old 
back transcript work will be a thing of the 
past. 

The transcripts in both departments 
from May 1st of this year up to date have 

288 



SECOND HUTTON CO. EXPERIENCE 

been checked up as soon as they came in, 
and all differences adjusted at the time 
with the New York office. 

To give you some idea of the accuracy of 
our work entered on the books by the ma- 
chines during the month, as compared with 
a year ago, would state that when the Los 
Angeles office slate copy came up last 
month to be checked with our statements 
before mailing, there were only seven mi- 
nor differences in stock holdings; six of 
these being on the slate copy, and no dif- 
ferences in money balances, out of many 
hundred customers' accounts. The boys 
say in former times if one statement out 
of five checked correctly with the slate 
copy, they considered it good. This was 
the hardest department to keep straight on 
account of the slate being kept at the Los 
Angeles office, but after inaugurating the 
system of having duplicate purchase and 
sales slips and bookkeeping entries come up 
every day with the last slate balance of 
each account on them, entries being made 
each day, we were enabled to keep the ac- 
counts in perfect balance daily. 

289 



AUTOBIOGRAPHY OF 0. P. FISHER 

The machine people admit that we are 
the only stock brokerage firm in the United 
States, using their machines, who have 
made a complete success of same, using 
them in handling and balancing all the 
work in all departments. They say most 
firms use them on billing and listing work 
only, and do not know how to run through 
and tie up their work as a complete ac- 
counting system. 

We do not have to take off a trial bal- 
ance at the end of the month from our 
customers' ledgers, to see that every ac- 
count is correct, as we used to do. When 
making the last entry, the interest, at the 
end of the month, the customers' debit or 
credit balance is carried on the blotter 
sheet and the net total in the machine reg- 
ister, thereby giving us the net balance of 
the customers' accounts, after the interest 
on all the accounts has been entered for 
the month. 

Respectfully submitted, 
(signed) 0. P. FISHER, 

Auditor. 
290 



SECOND BUTTON CO. EXPERIENCE 

By this time the faces of the employees all 
wore smiles, they were happy at their 
work, all drudgery being eliminated, and 
they "dubbed" me the "modern manager/' 

For years past, they had been kept on the 
same work month in and month out, to- 
gether with much night work, until it be- 
came very monotonous and they lost inter- 
est in it. I had always believed in rota- 
tion of employees in office work, giving 
them more experience and making them 
more valuable to the concern and at the 
same time being a safeguard in case of 
sickness or a sudden termination of ser- 
vices. 

Every few months I would give the 
younger employees a different class of work, 
which was very much to their liking. Also 
I have always believed in a firm or com- 
pany which has branch houses, the branch 
house work being sent to the main office, 
having clerks at the main office who handle 
this work, make trips to the branches, in 
order to see how things are handled there 
and meet the employees. Then when the 

291 



AUTOBIOGRAPHY OF 0. P. FISHER 

work comes to the main office, the clerks 
will have a mental picture as to how it was 
made up and by whom. This method es- 
tablishes a friendly feeling between offices. 
I frequently sent clerks to Los Angeles and 
had others come to the San Francisco of- 
fice. 

Christmas of this year I received a 
$500.00 check from the firm, all other em- 
ployees as well receiving a full month's sal- 
ary at this time which was greatly appre- 
ciated by all. The following July Mr. Mul- 
cahy raised my salary to $600.00 per month. 

In the summer of 1920, 1 was interviewed 
by two New York business men who had 
come to the coast on a business trip and 
had heard of my success in the installation 
of the machine system and knowing the 
machines had been thrown out of some 
stock brokerage offices in New York, be- 
cause the work was not properly systema- 
tized, they tried to induce me to come to 
New York, where I could make $1000.00 a 
month systematizing brokerage offices in 
the machine system, but I refused the offer 

292 



SECOND HUTTON CO. EXPERIENCE 

as I had told Mr. Mulcahy I would not 
leave him until all of Mr. Crawford's back 
work was balanced up and everything 
brought up-to-date 

Had Mr. Mulcahy been like most big bus- 
iness men, he would have turned the sys- 
tematizing over to systematizing firms, 
who would have charged him the regular 
professional fee of $35.00 for a seven hour 
day and the job would have cost the firm 
$35,000.00 figuring the overtime I put in 
at the above rate, but Mr. Mulcahy was too 
shrewd for that, he saw in me a man that 
could do the work, when he switched me 
from my position as traveling auditor to 
professional systematizer, and thus save 
his firm $23,000.00. 

I received but $12,000.00 from the firm for 
my twenty-one months of service in all 
capacities and this amount I had already 
saved them in office expense, therefore my 
services never cost the firm one cent, "mor- 
ally'' they owed me $23,000.00, but I was 
game and wished to prove what I said I 
could do, when I wrote Mr. Mulcahy that 1 

293 



AUTOBIOGRAPHY OF 0. P. FISHER 

would put up $1000.00 as a guarantee that 
I could systematize his business and save 
him more than $3000.00 in office expense, 
and being able to save the firm four times 
that amount in a year's time was a satis- 
faction to me even though I was not paid 
at professional rates. 

I have been a good money-maker in out- 
side deals and investments and a good los- 
er as well in my time but still have plenty 
to keep me in comfort until I am a hundred 
years old or more, doing some traveling in 
the meantime. Money though necessary 
is not the main thing in life, if one has 
plenty for every day needs and can live 
in comfort what more can one ask. 

Mr. C. A. Hulse an uncle of Mr. E. F. 
Hutton, who works in the Los Angeles of- 
fice told one of the boys, as reported to me, 
that Mr. Hutton was worth $12,000,000.00 
and had married his second wife, who had 
been left $60,000,000.00 by her father, the 
late Mr. Post, the "postum king." I cannot 
vouch for the truth of this statement, but 
who knows but that he may "will'' me that 

294 



SECOND HUTTON CO. EXPERIENCE 

$23,000.00, or, possibly after I have earned 
his firm $23,000.00 in commissions for trad- 
ing in stocks, he may feel that it is due me 
and send me a check. 

In the spring of 1921 the machine system 
was running like clock work. In checking 
and reconciling the old New York tran- 
scripts we found more than 90 percent of 
the errors on the New York office and the 
boys took offense, when we wired back ask- 
ing them to make corrections, as was 
shown by a wire from the head bookkeeper, 
Mr. Vogt. Our North Coast wire offices 
carried their accounts on the New York 
books, the New York office reporting to us 
the total commissions for the month, they 
were usually a litttle late wiring; us. delay- 
ing our closing the work for the month. 

We were ready to close our books on the 
first of the month and make up our earn- 
ings statement. As May 1st came on Sun- 
day this year, I was anxious to get the 
North Coast commissions from New York 
in order to close up that day, accordingly, 
I made up a message to Mr. Vogt on the 

295 



AUTOBIOGRAPHY OF 0. P. FISHER 

Thursday before, saying, "Please send Mr. 
Fisher the North Coast figures by public 
wire Sunday if possible, that he may close 
the accounts," and asked Mr. Mulcahy to 
sign it, which he did. Mr. Vogt thought 
he would show us this time that we were 
not the only office that could get their work 
closed up early, therefore he wired Mr. 
Mulcahy on Saturday at 10 a. m. Coast 
Time, which was 2 p .m. New York time 
on account of day light saving, that if 
Fisher would be there he could send the 
figures in about half an hour. Mr. Mul- 
cahy having plenty of Irish wit, wired him 
back at once, "Fisher is here all the time, 
he would 'sleep here' if I would let him.'' 
I received the figures without comment. 

Having things now in fine running order 
and business being very light on account of 
the dull market, I felt like a gentleman of 
leisure having very little to do, except sign 
drafts on banks and the New York office, 
answer questions from employees and tel- 
egrams from New York and the different 
offices. I had my assistant auditor and 

296 



SECOND BUTTON CO. EXPERIENCE 

heads of departments well trained in de- 
tails, the system work being thus accom- 
plished, my services could be dispensed 
with, therefore, I was ready to resign as 
auditor and let the younger men follow in 
my footsteps giving them a chance, as I 
had stated at the conference of the heads 
of the departments, January 16th, 1920, but 
Mr. Mulcahy was in poor health and did not 
wish me to leave him, as he depended upon 
me for information regarding the accounts. 
Said he did not wish me to do any work, 
as I had now put the accounting work in 
such condition that it did not worry him, 
and he knew every day just how matters 
stood. At this time I gave him quite a 
pleasant little surprise by drafting up a 
form of a daily report showing the dif- 
ferent commissions earned by each office 
for the day, total salaries and rent of same 
for the day, commissions cumulated for 
the month to date and total salaries and 
rent for the month, date when each office 
went "over the top" as he expressed it 
clearing its rent and salaries. This he re- 

297 



AUTOBIOGRAPHY OF 0. P. FISHER 

ceived every morning with the other daily 
report, it was a daily "tickler" by which to 
jerk up the managers when their offices 
were falling behind in earnings. He ap- 
preciated it very much and said it was just 
what he had wished for, but did not know 
how to get it. I had it in mind for many 
months but was too busy on the old back 
transcript work, to draft up a form. Copy 
of same is herewith condensed one-third its 
size. 



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AUTOBIOGRAPHY OF 0. P. FISHER 

It has always been my practice as an ex- 
ecutive and when managing senior account- 
ant for large accounting firms, to train in 
my assistants on the detail work, allowing 
them to go ahead and do things under my 
supervision, thus making them more ca- 
pable and giving them more assurance in 
themselves. The juniors and semi-seniors 
who assisted me on big accounting jobs al- 
ways said they learned more from me than 
from any managing senior for whom they 
had ever worked. 

Mr. Broderick, my assistant, was a young 
man of twenty-one who was receiving a 
salary of $150.00 per month before I con- 
nected with the firm. He was assisting Mr. 
Crawford in checking the postings from 
the old pen journals to the ledgers and ver- 
ifying the footings. On November 1st 
the firm made a 10 percent increase in all 
salaries, which raised his salary to $165.00 
per month. I noticed he took an interest 
in his work and was well informed with re- 
gard to all stocks and bonds dealt in on the 
New York Stock Exchange. In a few 

300 



SECOND HUTTON CO. EXPERIENCE 

months I made him head of the auditing 
department at $175.00 per month. Mr. 
Harrington, my former assistant, was audi- 
tor for an oil company in which Mr. Mul- 
cahy was interested, he had very little to 
do but make out checks and keep a record 
of the vouchers, for which he received 
$25.00 a month. When he took sick Mr. 
Mulcahy offered me the position, but I said, 
"No, give it to Mr. Broderick, he can 
handle the work." I knew he would appre- 
ciate the little extra salary of $25.00 per 
month, as he had just recently been mar- 
ried. ^*^*^ ^ t] 
I had appointed him my assistant a short 
time before and raised his salary to $200.00 
a month. I found him to be very reliable 
and told him it was not my intention to 
push all the work over on him, but the 
more work he could handle the more ex- 
perience he would get, and as I did not ex- 
pect to be with the firm very many years 
he would be in line for my position, later 
I gave him $225.00 a month and then 
$250.00, this with the $25.00 for the oil 

301 



AUTOBIOGRAPHY OF 0. P. FISHER 

company work made a very good salary 
for a young man of twenty-three. He, 
like myself, did not receive much school 
education, being compelled to begin work 
at an early age, but when he has reached 
my age and been through the "college of 
hard knocks" he will be able to hold his 
own on all occasions. 

Mr. Doolittle, who had met me on the 
street two years and three months previ- 
ous to this time and was anxious to have 
me come in and systematize the business, 
was at that time receiving a salary of 
$160.00 per month. He had now been with 
the firm two and a half years and had been 
kept on about the same work most of that 
time. I soon transferred him to other de- 
partments, giving him more experience, 
raising his salary to $190.00, then to $200.00 
from that to $225.00 and finally made him 
an assistant auditor at $250.00 per month, 
as I had done for Mr. Broderick. This ar- 
rangement relieved Mr. Broderick of some 
of his detail work. 

In February, 1920, I employed Mr. 
302 



SECOND HUTTON CO. EXPERIENCE 

George D. Cronin, to assist in finding the 
errors in the old trial balances, but in a 
week's time the commodity and give-up 
clerk left the service and Mr. Cronin was 
given his position, he was then about 
twenty-two years of age and already show- 
ed initiative and executive ability. I paid 
him $140.00 a month at the beginning with 
the understanding that if he made good 
I would give him $150.00 on April 1st 
which I did, then July 1st $160.00 Sep- 
tember 1st $175.00 and finally made him 
head of the Los Angeles department Jan- 
uary 1st at $200.00 per month. 

The cashier at the Los Angeles office 
vdshing to return to San Francisco at this 
time, Mr. Cronin was sent dovm to take 
his place, at a salary of $300.00 per month, 
six months later the salary for the position 
of cashier was reduced to $250.00 per 
month. I gave Mr. Cronin the option of 
taking the reduction or transferring back 
to the San Francisco ofiice, as office man- 
ager at $250.00 per month and as his moth- 
er and his wife's parents lived here he pre- 

303 



AUTOBIOGRAPHY OF 0. P. FISHER 

ferred coming back to San Francisco. 
At this time Mr. W. A. Edmonds who 
had previously been sent down to Los An- 
geles to act as cashier temporarily, had met 
a young lady while there and was very 
anxious to return. So I made him happy 
by sending him back to his lady friend, 
there is nothing like helping young people 
who are in love, you know. I was a young 
lover myself once. Mr. Edmonds said I 
would be his best friend for ever, while 
arranging his work to go down he "wore 
a smile that would not come off." At the 
time I connected with the firm he was a 
bookkeeper in the Los Angeles department 
drawing a salary of $175.00 a month and 
the 10 percent advance November 1st made 
his salary $192.50, he was a very trust- 
worthy capable young man. He had been 
a railroad clerk for years, having had no 
opportunity to show what was in him, un- 
til I put him on several classes of work 
and he made good in all. I raised him to 
$200.00 a month, then to $225.00 and finally 
to $250.00 as cashier. 

304 



SECOND HUTTON CO. EXPERIENCE 

Mr. Harrington, who had given me so 
much trouble, objecting to the machines, 
was a timid person, an old-style bookkeep- 
er, but he knew the stock brokerage game 
quite well, having been in that business in 
Boston, he had been with the firm for sev- 
eral years, but had neither initiative nor 
force back of him. When he returned af- 
ter recovering from his sickness I put him 
on some light work and in a short time I 
raised him to $200.00 a month, he had been 
receiving $300.00 as assistant auditor, but 
was not the man for the place, Mr. Mulcahy 
was very much displeased with his actions 
concerning the machines and declared he 
was not worth more than $150.00 a month, 
but I felt sorry for him and as he said he 
had given good service on different occa- 
sions when the New York Stock Exchange 
was closed for six months the last half of 
1914, receiving no salary for same, I felt 
$150.00 was quite a drop from his $300.00 
and the $25.00 extra which he made as 
auditor of the oil company, at the same 
time having doctor bills to pay. Therefore 

305 



AUTOBIOGRAPHY OF 0. P. FISHER 

when he grew stronger and was able to 
take more responsibility I made him office 
manager and raised him to $225.00 per 
month, then later to $250.00. 

Our little Irish paymaster Mr. J. J. Mur- 
phy, whose wife had died the year previ- 
ous, was struggling along trying to make 
ends meet on $200.00 a month, keeping two 
young children at home, with a son who 
was working part of the time. He had in- 
curred large doctors' bills also had funeral 
expenses to meet, when the cost of living 
was at its height. I gave him additional 
work, making up vouchers, raising him to 
$225.00 a month and later to $250.00. He 
had never in all his life drawn such a sal- 
ary and was now able to save a little mon- 
ey, therefore he wore a happy contented 
expression around the office knowing that 
his financial burden had been lifted. 

I employed Geno Galigani, a young 
Italian, as an office boy, he had been work- 
ing in the Bank of Italy as reclamation tel- 
ler and was sixteen years of age. At the 
start I gave him $50.00 a month and found 

306 



SECOND HUTTON CO. EXPERIENCE 

him to be very bright and apt at figures. 
Soon I advanced him to $60.00 then tried 
him on the journal machines, where he 
made good, thereupon I raised him to 
$70.00 then to $75.00 and when he could op- 
erate the cross-footing machine I raised 
him to $80.00, then to $90.00 after I had 
promoted him to commodity and give-up 
clerk. A few months later he was offered 
a position at $100.00 a month by another 
brokerage firm. He asked my advice 
about it and I advised him to take it as it 
would give him more experience, he was 
employed as assistant cashier and is now 
making $125.00 per month. 

I had a little Irish boy named James 
Flynn, who was messenger boy down in the 
the cashier's office at $75.00 a month when 
I took charge and the general 10 percent 
advance had increased it to $82.50. He was 
a very bright little fellow, but had so little 
to do that he fooled around the cashier's 
office and customers' room most of the 
time. He decided one day shortly after 
he had received the 10 percent increase 

307 



AUTOBIOGRAPHY OF 0. P. FISHER 

that he was worth $100.00 a month and 
without taking the matter up with me, as 
Mr. Mulcahy said he should have done, he 
walked into Mr. Mulcahy's office and told 
him that he needed $100.00 a month to take 
care of his expenses, he was so small you 
could just about put him in a good sized 
suit case. Accordingly, he was shown the 
"door" and soon his father came to see 
Mr. Mulcahy about taking him back. Mr. 
Mulcahy referred the young man to me for 
discipline and instruction with the under- 
standing that I should give him work in 
the office. I notified the cashier that here- 
after Jimmie's headquarters would be up 
stairs and when he needed a messenger to 
call up stairs and I would send him down, 
then I put him on one of the journal ma- 
chines and he made good. All he needed 
was something to keep him out of mischief 
and have his mind occupied on some con- 
structive work. I advanced him to $85.00 
a month, then later gave him the desk 
handling the commodities and give-ups, ad- 
vancing him to $90.00. In a year's time I 

308 



SECOND HUTTON CO. EXPERIENCE 

had him so well trained, that he was worth 
something to himself and the firm, he was 
offered at position at $100.00 a month with 
the same firm that had employed my Ital- 
ian boy and seeing that he preferred work- 
ing where his chum was, I advised him to 
take it for more experience, and gave him 
a good recommendation. I never believed 
in holding employees when they desired to 
make a change as the experience they get 
in different places helps them in their fu- 
ture business career. 

The increases I gave in salaries, especial- 
ly to the older employees in time of service, 
did not increase the payroll, as I dropped 
inefficient employees and divided their 
work up among the others, thereby obtain- 
ing better results in the work by encour- 
aging the efficient ones with small raises 
from time to time when they took on extra 
work. 

The efficiency of the office force was in- 
creased at least 50 percent after Mr. Craw- 
ford resigned, as he kept them continually 
stirred up and they did not care whether 

309 



AUTOBIOGRAPHY OF 0. P. FISHER 

they loafed on the job or not. To get the 
best results from employees they must en- 
joy and love their work, their minds being 
harmonious. I have always tried to help 
employees when they showed loyalty to me 
and their work, but have no patience with 
disloyalty and inefficiency when they are 
trying to "put something over on the boss." 
I tried the rotation of position plan on 
two of the older employees. Mr. Addoms 
the cashier and Mr. Devlin the margin 
clerk, as they were tired out and nervous 
and looked like physical wrecks. I felt 
they needed a change of work for their 
good, but they thought I was trying to get 
rid of them, when such was not the case, 
they preferred their old jobs, with which 
they were familiar, keeping in the "rut,'' 
having no desire for a change of thought 
and work, which would have meant much 
to them physically, but the old saying is, 
"You can't teach an old dog new tricks," 
and I guess it was true in their case. They 
will see it some day when it is too late 
and they are laid on the shelf. The posi- 

310 



SECOND HUTTON CO. EXPERIENCE 

tions I was going to give them were much 
easier with no reduction in their salaries. 
Young reader, do not be like them, if you 
are "in the ditch" and have a chance to 
get out, do not allow fear to hold you back 
and make you afraid. Mr. Addoms moved 
at a snail's pace consuming ten hours a 
day at his work, thinking he had a hard 
job and was overworked, when Mr. Cronin 
could have done the same work in seven to 
eight hours. In order to show his non- 
progressive attitude, I will here relate a 
little incident. 

One day when in his office I noticed the 
safe stood out from the wall on account 
of a heater and pipe, which compelled him 
to walk around it when rising from his 
chair to wait on customers, this consumed 
time and should have been annoying to 
him. Casting my eyes around I saw there 
was ample room for the heater at the end 
of his desk, allowing the safe to be moved 
back against the wall, thus giving him a 
clear path to the cashier's window. I sug- 
gested to him my plan for the change, 

311 



AUTOBIOGRAPHY OF 0. P. FISHER 

which would require but a little work by 
the engineer of the building. He objected 
saying it was all right where it was. I said 
no more, but my love for efficiency caused 
me to pursue the subject further, so I 
drew a plan of the situation placing it on 
Mr. Mulcahy^s desk, with a note telling 
him of my suggestion to Mr. Addoms. He 
did not say anything to m.e about it and I 
dismissed it from my thought for the time 
being, but in a few days, when down in his 
office, I noticed the heater and pipe moved 
and the safe back against the wall. No 
comments were made. Mr. Addoms had a 
little touch of jealousy, which dated back to 
the time of my cashiership at the Los An- 
geles office and later my appointment as 
secretary to Mr. Mulcahy, which was hard 
for him to overcome. 

Mr. Devlin was something like Mr. Ad- 
doms, non-progressive, he had been work- 
ing for years back of a counter where a 
pane of frosted glass obstructed his view 
of the quotations on the board, causing him 
to walk over to the cashier's window and 

312 



SECOND HUTTON CO. EXPERIENCE 

door many times a day to see the board 
when figuring customers' margins. I saw 
the remedy and ordered the purchasing 
agent to have the glass cut a foot from the 
top and clear glass put in its place. 
He did not approve saying it was no trou- 
ble to walk over to the window and door, 
though many times the window was ob- 
structed by customers making payments. 
Some people seem to enjoy being contrary 
and are very sensative when suggestions 
are made which are not their own. I will 
take suggestions from a tramp, and if he 
can show me anything which is an improve- 
ment I will gladly take my "hat off" to him. 
I am here to learn and we should all keep 
our minds open to good suggestions. 

I had about thirty employees in the San 
Francisco office and about the same number 
in Los Angeles also fifty more in branch 
offices. I advanced the salaries of others 
when deserving in the same way as those 
just mentioned. I never held myself on a 
pedestal but was "a boy with the boys" as 
the saying goes, they knew I was a worker 

313 



AUTOBIOGRAPHY OF 0. P. FISHER 

and willing to do their work if necessary. 
I complimented them when their work bal- 
anced and criticised them when they were 
careless and made too many errors. Once, 
one of the boys remarked that Mr. Fisher 
was like an "open book" but they always 
knew, with all my democratic ways, that if 
I found any of them disloyal or covering 
up anything they would hear from me. I 
never allowed friendship to interfere with 
duty. I am a good friend to the young 
people of both sexes who are toiling in the 
commercial and industrial world today and 
had I the running of things in most offices 
and factories their tasks would be made 
lighter and their work more enjoyable. 

Mr. Mulcahy was sixty-five years of age 
and had been a hard worker in his time, be- 
ing a telegraph man he specialized on the 
"wire" end of the business. He had had 
and X-ray taken of his stomach some two 
years before which disclosed a cancerous 
growth and should have been operated on 
at that time, but he kept putting it off, 
hoping the doctors were mistaken, until 

314 



SECOND HUTTON CO. EXPERIENCE 

finally it became malignant and the doctors 
insisted upon his going under the knife im- 
mediately, which he did in July. He had 
fitted up a fine new office in Los Angeles, 
costing many thousands of dollars and was 
very proud of it, as it was said to be the 
finest stock brokerage office in the country, 
also had opened a new office on the third 
floor of the Kohl Building and was expect- 
ing Mr. E. F. Hutton and Mr. George A. El- 
lis, Jr., two of his New York senior part- 
ners out to see the new offices, but as they 
did not come he was very much disappoint- 
ed and it just about broke his heart, as he 
was then in poor health. He had spent 
about twenty years building up the coast 
business for the firm and wished them to 
see what they had "west of the Bronx" as 
he expressed it but they seemed very in- 
different, as most "New Yorkers" are to- 
ward business on the coast. The big prof- 
its transferred to them from the coast ev- 
ery three months were apparently suffi- 
cient. 
In June Mr. E. F. Hutton hearing of Mr. 
315 



AUTOBIOGRAPHY OF 0. P. FISHER 

Mulcahy's illness and at the same time 
wishing to get his "kid'^ brother Frank, as 
he called him, out of the moving picture 
business, at Los Angeles, and into the bro- 
kerage business again, wrote him to come 
up and interview Mr. Mulcahy and make 
a deal to assist him in order to keep in 
touch with the business, then should Mr. 
Mulcahy fail to recover he could take over 
the management of the coast business. Mr. 
Mulcahy did not approve of this arrange- 
ment. He told Frank that he was getting 
to be a pretty old man now and liked to 
have his own way, therefore did not desire 
his assistance. 

Frank went to New York and reported 
the matter to his brother Mr. E. F. Hutton, 
who decided to come out with him and see 
Mr. Mulcahy about the matter, which he did, 
leaving New York Tuesday July 12th in 
a private car. 

Mr. Mulcahy came to his office at 3 p. m. 
Thursday July 14th, called me in and told 
me the doctors insisted upon his going 
to the hospital at once to be operated upon 

316 



SECOND HUTTON CO. EXPERIENCE 

and that he would leave in a few minutes 
for the hospital to be prepared for the op- 
eration next morning at 8:30, also that Mr. 
Hutton was coming out with his brother 
Frank who would be put in charge, though 
he knew very little about the business, Mr. 
Mulcahy remarked that he would not be 
in condition to see him now and he was 
very much "peeved,'^ as he expressed it, be- 
cause Mr. Hutton would not take the time 
to come out in the spring to see the new 
offices, but was coming now in order to 
obtain an interest in the business for his 
brother Frank. He requested me to show 
Mr. Hutton around and explain matters of 
business to him. It was a very sad case. 
He had called his lawyer the day before 
and made his will, saying he did not ex- 
pect to survive the operation and was very 
much depressed. I tried to cheer him up, 
saying he had a lot of nerve energy and 
will power, which would serve to bring him 
through safely. The next morning upon 
making an incision the doctors found 
the growth involved so many organs 

317 



AUTOBIOGRAPHY OF 0. P. FISHER 

that it would be sure death to operate. 

Mr. Hutton arrived Saturday noon with 
his party consisting of his bride, her friend 
and his brother Frank. He was very 
much surprised to hear the news as he had 
expected to have a nice visit with his old 
partner, but alas! he came too late to take 
up any business matters with him. Mr. 
Hutton spent a week going over matters 
at the office and establishing his brother 
Frank in the business, as the doctors told 
him there was no hope for Mr. Mulcahy. 
He also wired to one of his junior partners, 
Mr. Edward E. B. Adams, who handled 
the financial and accounting end of the bus- 
iness in the New York office, as I did on the 
coast, for Mr. Mulcahy, to come out and 
assist his brother Frank as business was 
then light in New York. 

At a conference of the department heads, 
Mr. E. F. Hutton was very free with his 
compliments, stating that I was indispens- 
ible to his firm, that his partners Mr. Ellis, 
Adams and Mulcahy were crazy about me 
and my work, as he expressed it and that 

318 



SECOND BUTTON CO. EXPERIENCE 

Mr. Ellis had requested him to bring me 
back to New York with him, but as Mr. 
Hutton was merely a stock exchange man 
having no appreciation of the value of pro- 
fessional systematizing, expert accounting 
and efficiency work, and having already 
given his firm $35,000.00 worth of my pro- 
fessional services for $12,000.00, I having 
saved the firm that amount in office ex- 
penses, he did not make me a definite offer 
for my services, should I go to New York 
with him, but asked me what Mr. Mulcahy 
was paying me and said $800.00 a month 
would be about the same in New York. 

I had it in mind to retire from active 
business life before very long and still hav- 
ing in mind what I had gone through the 
past twenty-one months in systematizing 
his coast offices with much opposition at 
the start, I was not keen for a repetition of 
same, therefore we did not get together on 
terms and the matter was dropped to our 
mutual satisfaction. 

Mr. Mulcahy lingered in great pain for a 
short time and then passed out. Being 

319 



AUTOBIOGRAPHY OF 0. P. FISHER 

thus released as Mr. Mulcahy's secretary 
and assistant, my system work completed 
and my two assistants well trained in 
handling details and capable of doing my 
work as auditor, Mr. Frank L. Hutton and 
Mr. Edward E. B. Adams partners in 
charge in Mr. Mulcahy^s place, I severed 
my connection with the firm and retired 
from active business life to take effect Sep- 
tember 1st, 1921, which I had been planning 
to do for some time. Mr. Frank L. Hutton 
very generously gave me a vacation check 
for $600.00 for the month of August aslhad 
not been off duty since I connected with 
the firm November 1st, 1919. He also gave 
me a check for $600.00 in lieu of my Christ- 
mas bonus for the year, and said he was 
very sorry to have me sever my connection 
with the firm. I gave Mr. Adams quite a 
little surprise before I left, showing him 
how we did things on the coast, turning 
over to him on Sunday afternoon July 31st, 
fourteen customers' ledgers complete, the 
trial balance interest sheets for both de- 
partments having been taken off for July, 

320 



SECOND HUTTON CO. EXPERIENCE 

balance sheet, earnings and expense state- 
ment, and statement of total commissions 
earned by all offices, numbering thirty, each 
statement being made up complete for July. 
I am sure no stock brokerage office in the 
United States ever accomplished such a 
thing before the first of the month. 

The machine system was installed during 
one of the heaviest markets ever experi- 
enced since the opening of the coast offices 

For several years I had been intending 
to write my autobiography and recount my 
"ups and downs" in business life, so here 
was my opportunity. Instead of taking an 
automobile trip for a month I came home 
and have written it in long hand and re- 
copied it on an "Underwood" standard 
typewriter, never having used a typewriter 
since I studied short hand and typewriting 
thirty-three years ago. My manuscript 
consists of more than sixty thousand words, 
the first ten thousand words were typed 
at a slow pace but I soon got up speed. I 
held to my motto of years ago, "What man 
has done man can do" and there is no limit 

321 



AUTOBIOGRAPHY OF 0. P. FISHER 

to one's capacity for work when it is to 
one's liking, so I plugged ahead, averaging 
about fifteen hours a day during the month 
of August and half of September, working 
many days from 6 a. m. to 12 midnight. I 
expect to take a vacation of fifty years or 
more when it is completed(?) as it has been 
forty years this summer since I started in 
the pottery business in Wellesville, Ohio, 
and I have only had eight months vacation 
during that time, five of the eight months 
when with the First National Bank, in 
all, averaging about six days each year, 
therefore I think the business world now 
owes me one for a longer period as I have 
earned it, allowing the younger man to 
take my place, and to come to the front in 
the business world, hoping he may not have 
as many "ups and downs" as I have ex- 
perienced in my forty years of business. 



322 



CHAPTER XVI. 
CONCLUSION 

My retirement from active . business at 
the age of 54 does not mean that I am go- 
ing to sit around and twirl my thumbs for 
the next 50 years or more, as that would be 
misery for me after so many years of ac- 
tivity. On the contrary I expect to be bus- 
ier than ever, working along psychological 
lines, to help the human race, giving them 
the benefit of my forty years of business 
experience and my studies and research 
work. 

As I have plenty of securities and invest- 
ments from which to derive an income to 
live in comfort the balance of my physical 
existence. I would be ashamed to pile up 
millions just for the sake of making mon- 
ey, leaving it for others who come after me 
to squander and misuse, as to many who 



323 



AUTOBIOGRAPHY OF 0. P. FISHER 

do not knew the value of a dollar it would 
prove a curse instead of a blessing. 

This book is dedicated to the young men 
and women workers in the mercantile and 
industrial fields of business, and 50 percent 
of the net proceeds from sale of same is to 
be set aside in a trust fund to help those 
who are worthy, getting them started in 
the lines of work for which they are best 
suited. The other 50 percent will be put 
in trust also for other philanthropic work. 
As the dispenser and manager of same 
while here on this plane, I believe I can find 
sufficient work to keep me busy for at 
least fifteen hours a day, in order to keep 
up my past record, leaving the trust in the 
hands of competent persons who will carry 
out my ideas when I am functioning on an- 
other plane in some other kind of work. I 
will have five associate trustees, to assist 
me while I am on this plane, and when I 
pass on they will have full authority to ad- 
minister the trust according to the by-laws 
and regulations of same. The trust fund 
will be perpetual for the financial assis- 

324 



CONCLUSION 

tance of struggling young business men 
and women who are worthy. 

I do not believe any business man has a 
moral right to hold down a salaried posi- 
tion after he has arrived at the age of 55 
provided he has sufficient funds and invest- 
ments the income from which will sustain 
him and his dependents in their accustomed 
station in life. Som.e may say when they 
read of m.y ideas, "Yes, but the young men 
are not ready for these responsible posi- 
tions." I answer, "No, if you do not train 
them before hand, but every big salaried 
business man who at the age of 50 has suf- 
ficient income for a comfortable living 
should start to train in the next best man 
to take his position in less than five years. 
It can be done, as I had my right hand 
young man so well trained in less than two 
years, that he could handle my work as 
well as I myself in details and executive 
management. There are millions out 
of employment who need work and income 
with which to support themselves and fam- 
ilies. Think what it would mean to them 

325 



AUTOBIOGRAPHY OF 0- P. FISHER 

and the prosperity of the country if the 
big salaried men everywhere would be gen- 
erous enough to step down and retire, al- 
lowing those under them to step up a notch, 
thus making room for the unemployed. 
There would soon be a demand for workers 
in all lines. This method may seen too 
idealistic for some of the business men of 
today, but it is very practical. I am satis- 
fied it is nothing but selfishness, greed and 
fear, that keeps these big fellows in their 
jobs and the fellow who needs them out of 
same. 

At the age of 55 business men should 
realize that there is more in this life than 
grinding away all day at detail work in an 
office. They should then begin to devote 
their time and money to the help of 
their fellow men, using their surplus in 
this way, loaning it to. worthy ones after 
thorough investigation of their integrity 
and business ability, thereby helping them 
in a business way to get a start in life. 
One gets true enjoyment out of life only 
when helping others. One may lose through 

326 



CONCLUSION 

misplaced confidence in some who have 
been assisted, but that should not be the 
criterion for all. 

All my losses through helping struggling 
humanity have not discouraged me in con- 
tinuing this good work, as the losses were 
largely my fault, because of my eagerness 
in my younger days to make money, conse- 
quently failing to investigate thoroughly 
the parties I assisted in the past. My 
judgment was not as good in business mat- 
ters as it is today or I would have guided 
and counciled them to success, but it is 
said "failures pave the way to success," as 
the experiences they give are valuable les- 
sons and guides for our future work. 

I expect to bring out a book later, en- 
titled "Practical Idealism and The Solu- 
tion of The Mercantile and Industrial 
Problem," also one, the title of which will 
startle the world, but I dare not give it 
out at this time. 

I have an acquaintance, a big lumber 
man, who is said to be worth $10,000,000.00, 
he is following up details of business so 

827 



AUTOBIOGRAPHY OF 0, P. FISHER 

closely at his desk that he is missing the 
best part of his life. This devotion to the 
making of money actually become a dis- 
ease, and narrows one's life. One of my 
best friends, a business man in the city, 
who is worth $250,000.00, is continually 
saying, "I am going to let up and take it 
easy," but the business whirl has gotten 
such a hold on him that he cannot let go, 
even though he is past 56. When in his of- 
fice many times I have said to him in a 
joking way, that if he did not look out 
some one would find him with his "toes 
turned up" and he would be functioning in 
another plane w^here there might not be 
any business to transact. 

He has a wife, and a son who is in bus- 
iness making $15,000.00 a year, therefore 
he could easily turn his $250,000.00 into 
cash and loan it out on first mortgage real 
estate security at 8 percent on California 
property, having no taxes to pay, as mort- 
gages on such property to a resident of the 
state are non-taxable, then he would have 
$20,000.00 income less the Federal income 

328 



CONCLUSION 

tax with which to enjoy life and help hu- 
manity and would thus extend the period 
of his life many years, having his thought 
free from business cares and worries. 

Take the case of Mr. Mulcahy my late em- 
ployer, he could have turned over the vast 
amount of details in his business to a sec- 
retary, ten years earlier, and thus have 
been relieved while drawing a big income 
as partner and keeping in touch with the 
business in general. But alas! he did it 
too late in life, appointing me as his secre- 
tary to relieve him of details after he had 
turned 63, his previous worries having 
brought on a cancerous growth, which was 
neglected for two years, finally causing his 
death, when he should have lived and en- 
joyed the fruits of his labors 20 or 30 years 
longer. 

Take the case of Mr. Hellman of the 
Wells-Fargo National Bank. He was a 
man past 50 whose father had recently 
passed out leaving an estate of $13,000.- 
000.00. The burden of managing this es- 
tate together with his active bank duties, 

329 



AUTOBIOGRAPHY OF 0. P. FISHER 

was too much of a strain on him and he 
passed out shortly after his father's death. 
As I have said before there is no limit to 
one's capacity for work when one uses his 
mental and physical powers in constructive 
work to his liking, which is benefitting 
mankind, with no thought of piling up 
money for selfish purpose. The brain cells 
expand and the mind develops, when one's 
thought is free and working for the better- 
ment of humankind. 

The average man at 50 years of age or 
more cannot stand the strain of business 
worries, as through them he contracts some 
physical trouble, often passing out of this 
life many years earlier than he should. 
Money troubles will do more to wreck one's 
mentality and physical being than anything 
else, as the thought of physical supply is 
a nightmare to most people and the rich 
who have had it left to them are constantly 
in holy fear of losing it, in which case they 
would be down and out, often having no 
ability to earn the kind of living to which 
they have been accustomed. 

330 



CONCLUSION 

One should never feel after passing the 
half century mark that he is slowly but 
surely going down hill to the grave, on the 
contrary he is just beginning to live in 
earnest and the best part of life is before 
him, with all his past experiences as guide 
posts along the way. While I am 54 by 
the calendar I am only 30 in activity, men- 
tally and physically and I expect to accom- 
plish during the remainder of my physical 
existence here, ten times more than I have 
accomplished in the past. The "proof of 
the pudding is the eating" as the old say- 
ing goes, so young man or woman as you 
are my junior by many years, just keep in 
touch with me and I will prove to you that 
I have found the secret of living a long use- 
ful and happy life to one's own satisfac- 
tion. I never force my ideas on others, 
but merely give them expression and allow 
the other fellow to do as he thinks best, 
according to his stage of evolution and un- 
derstanding. The Height and Weight Ta- 
ble compiled by a Committee of the Medi- 
cal Section of an Insurance Company states 

331 



AUTOBIOGRAPHY OF 0. P. FISHER 

that a man at the age of 54 should weigh 
177 pounds and should be 5 feet 11 inches 
tall. I am 5 feet 10!/2 inches and weigh 
175 pounds at the age of 54, so I am not 
far behind the requirements. 

If Mr. H. Clark Ford had not been so 
grasping, his mind being centered on the 
piling up of millions, he probably would be 
living today enjoying the fruits of his la- 
bors, but the strain was too much for his 
mentality and physical being and he was 
compelled to leave his big fortune behind 
This must have been a great disappoint- 
ment to him, as he must have known his 
life was a failure with the exception of 
making $3,000,000.00 which in itself can 
scarcely be considered making a success 
of life, there being so many other and bet- 
ter ways in which we should be a success 
in this life. 

It was common talk, when I was associ- 
ated with him, that his wife once found out 
he was carrying loans at banks for a half 
million dollars on securities purchased, and 
it was such a shock to her that she was 

332 



CONCLUSION 

sick for weeks. He also was frequently 
indisposed on account of the mental strain 
he was constantly undergoing through his 
financial transactions. His business meth- 
ods also were much criticised by his family 
and business associates. 

So young man keep in mind as you pro- 
gress in the business world the getting of 
money is not all there is in life. 

You should aim to leave a good and hon- 
orable name behind you and if you are suc- 
cessful financially having a surplus that 
you do not need, your family, if you have 
one, being well provided for, take an inter- 
est in your fellow men who have been less 
fortunate than yourself, and give them a 
lift. 

I have associated with many big finan- 
ciers and millionaires in my business career 
and have done accounting and system work 
personally for them, and when I have seen 
them pouring over details day in and day 
out, after getting well acquainted with 
them, I have told them, in so doing they 
were just courting a premature old age and 

333 



AUTOBIOGRAPHY OF 0. P. FISHER 

death, that they should turn the detail 
work over to younger men, who were eager 
for such an opportunity. But so few rea- 
lize or know what life really is, therefore 
they keep plugging away wasting their 
mental and physical strength and chasing 
the almighty dollar thinking that is all 
there is in life for them. 

Now I have been just as hard a worker 
as any business man, but all the while 1 
kept along psychological lines of study in 
order to master myself and my business 
instead of allowing it to master me, making 
me its slave and when I had spent 40 years 
in the grind of business and had gained a 
good competence, I said to myself, drop 
out now and let your mantle fall on the 
young man who is next in line and is ready 
and eager for it for the next 25 or 30 years. 
I dropped out a year before I was 55, so I 
am giving my business associates and all 
the men of business today who are 54 and 
have sufficient income for a good living, 
a year's time in which to think it over and 
in the meantime get busy, gradually turn- 

334 



CONCLUSION 

ing over the detail work to the next best 
man. who will fall heir to their position in 
the course of another year. 

I believe Dr. Osier stated that men of 60 
should be chloroformed, as they were no 
good to the world, but he is wrong, they 
have yet a mission to fulfill though not in 
the business world. Let the younger men 
take possession there and if they are given 
a chance and shown that the older men 
have confidence in their ability to handle 
the wheels of business, they will develop 
and make just as good managers and ex- 
ecutives as their predecessors, who in a 
short time will not be missed. 

It is impossible to estimate the number 
of billions of dollars that are paid in sal- 
aries in the course of a year to men of 
means who have no use for it other than 
to add it to their already large fortunes. 
Conferences are being held at Washington, 
D. C, by men of wealth and position sug- 
gesting means by which to help the unem- 
ployed, but they do not get down to a prac- 
tical basis as they should and give up their 

335 



AUTOBIOGRAPHY OF 0. P. FISHER 

jobs to the young men who are competent 
to fill them, making room for the unem- 
ployed. It is to be regretted that so many 
business men are so blind to this fact, they 
seem to think the business world would 
stop if they were to let go of the reins. 

Many a rich man's son has been ruined 
because his father did not give him a 
chance and show him that he had confi- 
dence in his ability to handle business mat- 
ters. Many prefer indulging their sons 
v>dth large allowances and then sitting at 
their desks constantly working over de- 
tails, when they should be training their 
sons at an early age to assume their fath- 
er's positions. For instance take the case 
of the late Mr. Henry Thaw of Pittsburg, 
Pennsylvania, when I called upon him 35 
years ago, he was then a man of 60, work- 
ing continually over railroad problems, as 
vice-president. If he had given more time 
to his son Harry, and gotten him started 
in business while he was young, instead of 
spending his life as he did, there probably 
would have been no tragedy committed by 

336 



CONCLUSION 

his son and he would not have been sent to 
the insane asylum. 

The men of means and position have a 
big responsibility to discharge to humanity 
in general, especially to the young men, 
v^ho are to be the business men of the fu- 
ture and need training and counciling while 
young, but how can they get it when the 
old fellows are sitting on the jobs, doing all 
the detail work and breaking down under 
the strain. They do it only because the big 
salary looks so good that they cannot give 
it up. 

I once spent a very pleasant evening at 
the home of Mr. Harvey Hubbell, the mil- 
lionair inventor of the "pull socket" electric 
light fixture at Bridgeport, Connecticut. In 
the course of our conversation he told me 
how he had built up his business from a very 
small machine shop to an immense big fac- 
tory which is running at the present time. 
He was a hard worker and spent many 
hours a day on details. I said to him, "I 
suppose you follow the details very closely 
on account of the pride and sentiment you 

337 



AUTOBIOGRAPHY OF 0. P. FISHER 

have in the business you have built up, the 
adding to your millions being a secondary 
matter." "0 no !'' he said, *'I am interested 
in making money, too, just as much." He 
was a slave to his business and money-mak- 
ing, missing the best part of his life, as he 
was then about 55 and had no intention of 
letting go and giving the younger men a 
chance to handle the business. I could re- 
count many more such cases. 

These big fellows do not have to give up 
working in business if they like it so well 
and are happy with such work, but they 
can get out and give the young men a 
chance and be busier than they ever have 
been, helping young men in business, as I 
propose to do, and they will find plenty to 
occupy their time and make money, too, 
if they desire. 

I do not believe any honorable young 
man with initiative and business ability 
vdshes to have money given to him, but 
what he desires is a financial start and an 
opportunity to show what is in him. 

I have always been willing to take a 
338 



CONCLUSION 

chance and money means nothing to me ex- 
cept as a commodity and a means of ex- 
change, to use in business, in a way that 
will benefit the masses as I have said be- 
fore. The vast amount of knowledge I 
have obtained in my varied business "ups 
and downs," together with the information 
I obtained in the examination, auditing and 
systematizing of different lines of business 
in ten years of public accounting work, has 
given me a working capital worth more 
to me than millions of dollars, with the 
satisfaction that I have an earning power 
and my services are in demand, therefore 
I do not have to depend on income from in- 
vestments if I do not choose so to do. 

This large business experience together 
with 50 percent of the net earnings of this 
book, as stated before will be used for the 
benefit of worthy young men and women 
who have ambition and ability. 

My plan of operation is as follows: 
When the trust fund amounts to $25,000.00, 
it will be loaned out in different amounts 
to young men and women who are qualified 

339 



AUTOBIOGRAPHY OF 0. P. FISHER 

to start in business for themselves, in a 
line in which they have had experience, or 
in some other line, which they can demon- 
strate that with assistance they can make 
a success. As the fund increases through 
the sale of this book, it will be loaned out 
in the same manner, keeping it working all 
the time for the good of the young business 
men and women. 

In order to obtain this assistance, it will 
be necessary to send in an application, giv- 
ing age, education, all business experience, 
state whether married or single, salary you 
are now receiving, the amount of money 
you have saved up or investments if any, 
and five references of responsible business 
men, other than present or former employ- 
ers, also the line of business which you 
would enjoy and therefore think you could 
make a success. After careful investiga- 
tion, these applications will be placed on 
file in the order in which they are received, 
and if sufficient trust funds are on hand, a 
company will be incorporated, say, for 
$5000.00 as an example, if that would be 

340 



CONCLUSION 

sufficient capital for the business in which 
the applicant wishes to engage. 

He or she would be given 49 percent of 
the capital stock and the trust fund would 
hold the other 51 percent. $5000.00 of the 
tinist fund would be loaned to the company 
on its collateral note at 6 percent interest 
and the total capital stock put up as se- 
curity. He or she would be elected man- 
ager and secretary, the trustee or trustees 
of the fund would be elected president and 
treasurer. His or her name would appear 
as one of the incorporate names of the 
company. He or she would receive at the 
start as manager the salary they received 
in their last position, no salary being paid 
to the party holding the position of presi- 
dent and treasurer. After paying divi- 
dends of 10 percent per year, if earned on 
the capital stock, all the surplus earnings 
would be used to pay off the trust loan, at 
which time, the young man or woman 
proving their ability to manage a business 
successfully, would receive their 49 per- 
cent of the capital stock free and clear of 

341 



AUTOBIOGRAPHY OF 0. P. FISHER 

all encumbrances. With this plan of as- 
sistance the young men and women take 
no money risk and their incomes have not 
been reduced, if they make good, their in- 
comes have been increased to the amount 
of the dividends they have received on 
their 49 percent holdings of stock, and if 
they do not make a success of the business 
they have only lost an opportunity and the 
trust fund has lost the balance due on the 
loan, if not all paid back at that time. But 
being trusted and put on their honor in 
this way, with a bright future ahead of 
them, they are going to be very careful 
and nine out of ten will make good, with 
the proper council and advice on financial 
matters from the trustee or trustees of 
the fund who will be interested in the suc- 
cess of the business. When the young men 
and women make good and receive their 
stock free and clear, they will feel that 
they have earned it, nothing having been 
given to them but a loan at the start and 
they having proved themselves worthy of 
that. 

342 



CONCLUSION 

After receiving their 49 percent of the 
capital stock free and clear they will then 
be given the option to buy the other 51 per- 
cent at book value for cash if they desire 
full control of the business, or they can 
buy it by giving their personal note pay- 
able in payments at 6 percent interest put- 
ting up the entire capital stock as security, 
they retaining voting power on 49 percent 
of the capital stock as before until loan is 
paid in full, while participating in divi- 
dends on all the capital stock. In other 
words the dividends they would receive 
would pay off the loan securing the re- 
maining 51 percent of the stock through 
the earnings of the business, the same as 
the 49 percent. 

As manager of the company the young 
man or woman will handle all funds, sign- 
ing checks on the bank account, therefore 
a fidelity bond will be taken out in favor 
of the trust fund. Also a life insurance 
policy on the manager's life, payable to the 
company in case of death. Each for the 
amount of the capital stock. This is for 

343 



AUTOBIOGRAPHY OF 0. P. FISHER 

the protection of the trust fund, also of his 
or her legal heirs, and will enable the com- 
pany to pay off all its indebtedness and be 
well financed, securing a good income for 
the support of surviving dependents. 

Young men and young women this is a 
practical business proposition and I have 
"nothing up my sleeve." I am a "practical" 
idealist" and will give more of my practi- 
cal ideas when I write my book "Practical 
Idealism and Solution of the Commercial 
and Industrial Problem." 

A great many idealists in the world have 
some fine and practical ideas with which to 
benefit the human race, but they them- 
selves being only idealists, without the 
years of practical business experience back 
of them, cannot command the necessary 
funds to put their ideas into operation. 

I never suggest anything that cannot be 
accomplished, and m^^ plan for the help of 
young people who wish to get started in 
business for themselves, will be "put over" 
in a practical way just as fast as the trust 
fund increases from the sale of my book. 

344 



CONCLUSION 

As I am an executive and know how to 
pass the details on to the other fellow, with 
good assistants who will follow "The Fisher 
Idea" of business all will be handled in 
a systematic and business-like manner. 

There are at least 20,000,000 young men 
and women workers in the United States 
today and if one out of ten buys this book, 
you can readily see we will have a fund of 
$1,000,000.00 or more, which when loaned 
out at 6 percent interest, then paid back in 
payments and reloaned and so on, will put 
a great many young men and women into 
business and give them a chance in life, 
which might be difficult for them to get in 
any other way, as it takes quite a little 
time to save up a few thousand dollars 
with which to start a business. 

This is not a scheme to sell my book for 
the purpose of putting money into my own 
pocket, as some may think, but on the con- 
trary it will put money into your pocket, 
if you have the qualifications and desire to 
manage a business of your own. Are you 
satisfied with what you are doing, needing 

345 



AUTOBIOGRAPHY OF 0. P. FISHER 

no assistance If so, then I would kindly 
ask you to assist me in the good work by 
interesting others in purchasing a book, 
thereby adding to the fund which will help 
your fellow workers. 

If your "boss'' is sitting on a big salary 
job and has plenty to live on outside of his 
salary, this book would make him a fine 
Christmas or birthday present especially 
if he is past 50 and near 54. It may start 
him to thinking, so he will be ready to drop 
out at 55 and allow you all to step up a 
notch. If there are several in the office 
where you are employed, each chip in 25 or 
50 cents and send in an order for a book 
giving him a surprise, which may have the 
much hoped for effect upon him, incidently 
increasing the trust fund for the benefit 
of young men and women workers. 

I am going to make this proposition my 
life work and have already related my past 
experience in the book which I have just 
written for the benefit and inspiritation of 
young men and women in their business 
career, at the same time I took a chance 

346 



CONCLUSION 

and put up my own cash for the publication 
of the first 2000 books, which was no small 
sum. It is now in your hands to help me 
carry on the good work, as champion of 
your cause, thereby helping yourselves as 
well as your associates. 

This book has been copyrighted in the 
name of "The Orion Paul Fisher Trust 
Fund" which was done to avoid assignment 
of the copyright by the author as it might 
be open to legal attack at some future time 
after the author has passed beyond this 
mortal life. This makes the fund doubly 
secure for the young business men and 
women. 

Hoping you may be interested in other 
books which I expect to write and publish 
later, I remain your co-worker in the 
cause of the young men and women toilers 
in the mercantile and industrial fields of 
today and future years. 

Sincerely yours. 



